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Valeant sweetens offer for Allergan again
Valeant Pharma ups its offering price for Allergan for the second time in 1 week
Associated Press
2014-05-31 03:22 AM

Valeant Pharmaceuticals is sweetening its offer to buy Botox maker Allergan for the second time this week.

The Canadian drugmaker said Friday it is now offering $72 and a portion of its stock for each Allergan share.

That's up from an offer of $58.30 per share that Valeant extended on Wednesday.

The latest bid is contingent on Allergan engaging in a prompt, good-faith negotiation to get the deal done.

Valeant's previous offer also promised a contingent value right shareholder payment based on future sales of a potential eye treatment.

Earlier this month, Allergan, based in Irvine, California, rejected an offer of nearly $46 billion, saying it undervalued the company.

Pershing Square, Allergan's largest shareholder, also agreed to receive no cash if the deal goes through.

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