Valeant Pharmaceuticals has approached animal-health giant Zoetis with a preliminary takeover bid, according to Bloomberg sources.
No information is available as to Zoetis' reaction to the proposed takover, but the company has long been discussed by analysts as a potential takeover target. Last year, after Valeant's takeover attempts of Allergan failed, many analysts speculated that acquiring Zoetis would be Valeant's backup plan.
Activist investor William Ackman -- who worked closely with Valeant CEO last year during Valeant’s failed takeover attempt of Allergan -- holds 8.4 percent of Zoetis shares. Shares of Zoetis rose 11 percent -- reaching the highest price the stock has been since it began trading in 2013.
Read the Bloomberg release