Valeant Pharmaceuticals International Inc. victorious in battle for Salix, gets majority of drug maker’s stock

Valeant Pharmaceuticals International Inc. CEO Michael Pearson is expected to complete the Salix acquisition later in the day.

LAVAL, Que. – Valeant Pharmaceuticals International Inc. (TSX:VRX) says its US$11.1-billion friendly takeover bid for Salix Pharmaceuticals, Ltd. was successful, with about three-quarters of all Salix shares tendered through the deadline early Wednesday.

Valeant\’s offer of US$173 in cash per Salix share defeated an adversary bid from Dublin-based Endo International, which had offered a mix of stock and cash valued at about US$175 per share.
The Montreal-area drug maker had set April 1 as the deadline for Salix stockholders to submit their shares. The price was to drop to US$158 per share if conditions from the offer weren\’t satisfied by April 8.

Valeant said before markets opened Wednesday it expected to complete the Salix acquisition later in the day.

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