Actavis (ACT) Made Offer and Still Interested in Deal with Allergan (AGN) - WSJ; Allergan Focuses on Salix Pharma (SLXP) Takeover
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(Updated - September 22, 2014 6:08 PM EDT)
Actavis plc (NYSE: ACT) made a bid for Allergan (NYSE: AGN) but was turned away according to reports from the Wall Street Journal, citing people familiar with the matter.
Allergan, which has been fending off a host $53 billion bid for Valeant Pharma (NYSE: VRX), is now in advanced talks to acquire Salix Pharma (NASDAQ: SLXP), according to the report. Allergan rejected Actavis' offer in part because of its focus on a deal with Salix, the report stated.
A deal for Salix Pharma could be valued at more than $10 billion the report said. Salix Pharma is currently in an agreement to merge with a unit of Italy's Cosmo Pharmaceutical.
Meanwhile, Actavis plc is said to still be interested in a deal with Allergan (NYSE: AGN) but only if it is friendly.
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