Valeant boosts $53.8 billion Allergan bid as Ackman opts for stock

Laval, Quebec-based Valeant said it would pay $72 in cash - up from $58.30 on Wednesday - and 0.83 share of Valeant stock for each Allergan share. The revised, unsolicited offer was triggered by Pershing Square, the hedge fund controlled by Bill Ackman that is Allergan's biggest shareholder, agreeing to take only stock in Valeant for its Allergan shares. Allergan shares closed 5.7 percent higher at $167.46 while Valeant shares ended 1.5 percent higher at $131.21. BMO analyst David Maris said the revised offer will fall short, adding it seemed "odd and erratic" that Valeant would raise the bid two days after its chief executive, Mike Pearson, promised not to negotiate against himself.

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