Endo International Plc (ENDP) confirms it is withdrawing its cash-and-stock offer to acquire Salix Pharma (SLXP) following Valeant Pharmaceuticals’ (VRX) revised offer of $11.1 billion in cash.
“While we are disappointed with this outcome, we have been and will continue to be disciplined in our approach to potential acquisitions. We would like to wish Salix and Valeant continued success as they move forward with their transaction,” Endo said in a statement.
Valeant’s accepted revised offer of $173 per share, which adds about $1 billion in cash for Salix stockholders, will be available through April 7, according to a statement from the companies today. The new bid gives Salix an enterprise value of about $15.8 billion.
Shares of Salix rose more than 3 points, or 1.96%, to $172.72 in early trade Monday. Valeant climbed $5.49, or 2.78%, to $202.90, and Endo gained 1.72% to $88.83.