Could it be two in a row?
That\’s the situation Valeant Pharmaceuticals might be facing since a rival bidder has emerged having a plan to upset its late February US$10.1 billion, all-cash, negotiated purchase of Salix Pharmaceuticals Ltd.
That surprise Salix bid, Wednesday, by Ireland\’s Endo International plc, came only one day after Allergan Inc. – the target of Valeant\’s last unsuccessful takeover attempt – officially sealed its sale to rival bidder Actavis PLC, with shareholders of these two companies agreeing to the US$66-billion deal that beat out Valeant\’s offer.
Endo said inside a statement it plans to offer US$175 per Salix share – payable in cash and stock – via a negotiated transaction. That proposal was announced under three weeks after Valeant and Salix signed off on the US$158 per share transaction.