Endo International Plc offered to purchase Salix Pharmaceuticals Ltd for about $11 billion in cash and stock, trumping an agreed bid by Canada's Valeant Pharmaceuticals International Inc .Endo said it would pay $175 per Salix share, a premium of 11 percent to the stock's close on Tuesday.Valeant agreed to buy the bowel drug maker in late February for about $10 billion in cash, or $158 per share.If Endo's bid goes through, Salix shareholders will own about 40 percent of the combined company, Endo said, adding that it would offer one seat on the new company's board to Salix.
Shares of ENDP fell by 1.39% or $-1.24/share to $87.76. In the past year, the shares have traded as low as $53.62 and as high as $92.80. On average, 2766350 shares of ENDP exchange hands on a given day and today's volume is recorded at 11365969.
Shares of ENL traded higher by 3.43% or $3.77/share to $113.77. In the past year, the shares have traded as low as $59.50 and as high as $115.00. On average, 914 shares of ENL.TO exchange hands on a given day and today's volume is recorded at 531.
Salix Pharmaceuticals, Ltd. is a specialty pharmaceutical company engaged in the prevention and treatment of gastrointestinal (GI) disorders. Shares of SLXP traded higher by 6.95% or $10.96/share to $168.61. In the past year, the shares have traded as low as $86.00 and as high as $172.98. On average, 2604540 shares of SLXP exchange hands on a given day and today's volume is recorded at 17691810.
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 fell by 3.86% or $-7.77/share to $193.71. In the past year, the shares have traded as low as $106.00 and as high as $206.84. On average, 2856730 shares of VRX exchange hands on a given day and today's volume is recorded at 12144084.
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 fell by 3.11% or $-7.94/share to $247.51. In the past year, the shares have traded as low as $116.01 and as high as $263.91. On average, 413188 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 777783.
Source
