Endo International Plc, which is in a bidding war with Valeant Pharmaceuticals International Inc for Salix Pharmaceuticals Ltd, believes it could close a takeover within as little as five weeks of a negotiated deal, according to an email obtained by Reuters. The timing is possible because under Irish law, there is only a minimum of 17 days required between mailing proxy materials and holding a shareholder meeting, according to the email from Endo Chief Executive Officer Rajiv De Silva to employees.In addition, the proposal is not subject to financing conditions, the CEO said."We believe that we could successfully close this transaction within a period as short as 5-6 weeks of a negotiated agreement," De Silva said in the email.Endo last week offered to purchase Salix for $175 per share, or about $11 billion, in cash and stock.
Shares of ENDP fell by 3.5% or $-3.17/share to $87.33. In the past year, the shares have traded as low as $53.62 and as high as $92.80. On average, 3025840 shares of ENDP exchange hands on a given day and today's volume is recorded at 4632802.
Shares of ENL fell by 2.66% or $-3.08/share to $112.92. In the past year, the shares have traded as low as $59.50 and as high as $116.00. On average, 903 shares of ENL.TO exchange hands on a given day and today's volume is recorded at 336.
Salix Pharmaceuticals, Ltd. is a specialty pharmaceutical company engaged in the prevention and treatment of gastrointestinal (GI) disorders. Shares of SLXP fell by 0.38% or $-0.65/share to $169.40. In the past year, the shares have traded as low as $86.00 and as high as $172.98. On average, 3091960 shares of SLXP exchange hands on a given day and today's volume is recorded at 7282518.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 2.5% or $4.81/share to $197.43. In the past year, the shares have traded as low as $106.00 and as high as $206.84. On average, 3111320 shares of VRX exchange hands on a given day and today's volume is recorded at 4785183.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 3.25% or $7.95/share to $252.29. In the past year, the shares have traded as low as $116.01 and as high as $263.91. On average, 417685 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 408224.
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