Valeant to Up Rejected Allergan Bid

Valeant Pharmaceuticals announced on Tuesday it will improve its unsolicited takeover bid for drugmaker Allergan, following Allergan's recent rejection of Valeant's $47 billion dollar offer.

Canada-based Valeant said it will announced the change to its cash and stock offer during a May 28 webcast, where it will also discuss details of its plans for Allergan's business.

Announcing an improved offer on May 28 means Valeant and Allergan will spend the next two weeks attempting to sway shareholders from both companies.

Read the Reuters release

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