Deals
Valeant Increases Takeover Bid for Allergan for a Second Time
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Valeant Pharmaceuticals International Inc. raised its unsolicited offer for Allergan Inc. a second time, to about $53.3 billion, increasing the cash portion of the bid in an effort to win the backing of the company and its investors.
Holders of Allergan, the maker of the Botox anti-wrinkle treatment, would get $72 a share in cash -- up from $58.30 -- and 0.83 of a Valeant share under the sweetened offer, Laval, Quebec-based Valeant said yesterday in a statement. The cash-and-stock portion of the bid, $179.25 a share using Valeant’s closing price of May 29, valued Irvine, California-based Allergan at about $53.3 billion based on 297.6 million shares outstanding, according to data compiled by Bloomberg.