Staff
Dublin-based Endo International has made an unsolicited bid to acquire Salix Pharmaceuticals for about US$11 billion.
It’s proposed to pay US$175 a share in cash and stock for Salix, which is higher than the US$158 a share being offered by Canada’s Valeant Pharmaceuticals International.
Read: Valeant to purchase Salix
“We are firmly committed to our all-cash agreed transaction, which delivers immediate and certain value to Salix shareholders,” says a statement from Valeant.
Salix’s board of directors, in consultation with its financial and legal advisors, says it will “carefully review and consider the proposal and pursue the course of action that it believes is in the best interests of the company’s stockholders.”
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