New York: Valeant Pharmaceuticals International Inc yesterday said in a letter to Allergan Inc’s board of directors that it was prepared to raise its offer to at least $200 per share but stopped short of doing so.
Valeant, whose existing offer values the Botox maker at about $179 per share, or $53.25bn, said last week that the Canadian pharmaceutical company was considering raising the bid and would increase the cash portion of the offer to do so. “To be clear, Valeant is prepared to improve its offer and provide value to your shareholders of at least $200 a share. We are confident that an increase in our stock price, and in consideration, will provide that value,” Valeant CEO Michael Pearson said in
the letter. Reuters
