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.