The new bid raises the cash portion of the deal to $72 per share from $58.30 previously. The stock portion - 0.83 shares of Valeant (VRX +2.9%) for each share of Allergan (AGN +6.7%) remains the same.
As part of the new offer, Pershing Square - Allergan's largest shareholder with a 9.7% stake - has agreed to elect to receive only stock and exchange its shares for Valeant shares at a 1.22659 exchange ratio.
Bill Ackman: "[I] offered to give up $600 million of value to the other Allergan shareholders and exchange our shares for Valeant stock if Valeant were prepared to increase its offer to the other Allergan shareholders. We believe that our gesture to the other Allergan owners makes an extraordinarily strong statement about our belief in the long-term value of this highly strategic business combination."
Previously: Valeant boosts offer for Allergan