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
Salix Pharmaceuticals’ (SLXP) stock climbed above Valeant Pharmaceuticals’ richer offer of $173 per share, suggesting investors expect another counterbid from Endo International. The new terms also include a $100 million increase in the break-up fee to about $450 million. And if the conditions for the offer have not been met by April 8, the offer will drop back to the original $158-per-share price. Salix shares were up 2.7% to nearly 174 in
This past week, several top-rated IBD 50 stocks saw big gains on notable news. Watch this video for more information. Stocks mentioned include: Valeant Pharmaceuticals (VRX), Salix Pharmaceuticals (SLXP), Allergan (AGN), Actavis (ACT), Ulta Beauty (ULTA), Dollar Tree (DLTR), Family Dollar (FDO) and Dollar General (DG). Follow Alissa Williams on Twitter: @IBD_AWilliams. Related: Valeant Mulls Higher Salix Bid, But Don’t Expect $170.