Canada/US: Valeant shocks with even larger Allergan offer

Valeant Pharmaceuticals surprised the industry late last week when it upped its offer to acquire Allergan, the second such bid increase in a single week.

The Canadian company reportedly boosted its offer to $53 billion to acquire the Botox manufacturer. The offer stacks up at $72 a share, increased from last Wednesday’s offer of $58.30 a share.

In a statement from Valeant, the company said its increased offer is contingent upon Allergan responding promptly to the proposal so the two can launch negotiations.

Last month Allergan rejected a $46 billion offer from Valeant because it undervalued the company’s worth, Allergan said.

Full content: USA Today

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