Specialty drugmaker Endo International (ENDP) withdrew its offer for Salix Pharmaceuticals Monday after the latter enlarged its buyout deal with Valeant Pharmaceuticals International. Valeant (VRX) said it had amended the terms of its merger agreement to $173 a share in cash, or $11.1 billion, up from the $158 a share the two companies agreed to last month. Last week, Endo bid $175 a share in an unsolicited bid for Salix (SLXP), but its offer was
Endo Pharmaceuticals bid $175 a share to snatch a distressed specialty drugmaker from Valeant Pharmaceuticals (VRX), the company announced Wednesday afternoon. Salix Pharmaceuticals (SLXP) had already agreed on Feb. 22 to be bought by Valeant for $158 a share, or $14.5 billion including debt. The stock had been trading in that range since then, but when word of Endo’s (ENDP) bid leaked out early in the afternoon, the stock jumped
Endo International (ENDP) confirmed that it has made a bid of $175 share for Salix Pharmaceuticals (SLXP), after Valeant Pharmaceuticals (VRX) announced in late February it had reached a deal to buy Salix for $158 a share. Endo said it would offer cash and stock — reportedly 1.4607 Endo shares plus $45 in cash for each share of Salix,, which specializes in gastrointestinal drugs. Trading of Salix shares and Endo were halted pending Endo’s