Valeant says it will increase offer for Allergan to $200 or more per share

IndustriesAssociated Press

Canadian drugmaker Valeant Pharmaceuticals International Inc. says it will raise its offer for Botox maker Allergan Inc. to $200 or more per share.

Valeant made the statement in a letter to Allergan's board released publicly seeking to urge Allergan to talk about an acquisition.

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Valeant did not specify details of any new offer, but said the increase would consist of added "consideration" and expected appreciation of Valeant's own stock to be used in any deal.

Valeant has made several offers to buy Allergan, the latest amounting to about $179 per share at current stock values.

Allergan has set a Dec. 18 date for a special shareholder meeting at which its shareholders will consider replacing most of its board.

Allergan's stock rose $5.59, or 3 percent, to $189.80 in premarket trading about two hours before the market opening.