By Sheena Lee
Deal of the Day: Valeant Pharmaceuticals (VRX) offered to buy Cephalon (CEPH) for $5.7 billion in cash, kicking off a hostile bid for the biopharmaceutical company after weeks of discussions failed to produce a deal. (DealBook)
The deal likely will get done at a higher price than the $73-a-share bid now on the table, Cowen & Co. (COWN) analyst Eric Schmidt wrote in a research note. He suggested $75 to $80 a share. “We would not expect Valeant to encounter a lot of resistance” from Cephalon shareholders, New York-based Schmidt wrote. Cephalon shares jumped close to 30 percent in trading. (Bloomberg)
Deal Update: DuPont (DD) said that it had extended its $6 billion offer for the Danish food ingredients company Danisco (DNSCY.PK) for a second time, giving shareholders an additional four weeks to act on the bid. (DealBook)
Deal Update: Leonard Green and CVC have also joined the bid for Big Lots (BIG), according to sources familiar with the situation. TPG and Bain have formed another group and Thomas H. Lee Partners may make the bid on its own. (Financial Times)
Deal Update: Carl C. Icahn offered a $220 million loan to Mentor Graphics (MENT), the latest salvo in his continuing takeover battle with the software maker. (DealBook)
Other Deal Activity:
Puma Energy, a subsidiary of oil trader Trafigura said it agreed to buy Exxon Mobil’s (XOM) downstream oil businesses in six Central American countries. (Reuters)
Tullow Oil (TUWOY.PK), the British energy company, said that it was selling stakes in its Ugandan oil exploration project to China National Offshore Oil Corporation and Total of France for $2.9 billion. (DealBook)
BASF SE (BASFY.PK) is in talks to sell its nitrogen-fertilizer unit to companies including Orascom Construction Industries (ORSDF.PK), said two people with knowledge of the situation. (Arab Finance)
Salesforce.com (CRM) the enterprise cloud computing company, announced it has entered into a definitive agreement to acquire Radian6, the industry-leading social media monitoring platform, for approximately $276 million in cash and $50 million in stock. (PRNewswire)
Taiwan’s China Development Financial Holding said it sent a letter to Polaris Securities seeking closer cooperation with the brokerage, and denied market chatter it is preparing to launch a takeover bid for the company, according to a statement on Taiwan’s stock exchange website. (Wall Street Journal)
