Salix received unsolicited proposal from Endo

The North Carolina-based developer of gastrointestinal disease therapies, Salix Pharmaceuticals, has confirmed its receipt of an unsolicited proposal from Endo International to acquire all of the company's outstanding common stock shares for 1.4607 shares of Endo common stock plus $45 cash per share, according to a press release.

This follows recent news of a merger agreement between Salix and Valeant Pharmaceuticals International and some of its subsidiaries, which entailed a $158 per share transaction.

Salix's board of directors will review and consider Endo's proposal with its financial and legal advisors to "pursue the course of action that it believes is in the best interests of the company's stockholders, [who] do not need to take any action at this time," the release said.

A statement was subsequently released from Valeant calling the merger agreement announced on February 22 "definitive."

"We are firmly committed to our all-cash agreed transaction, which delivers immediate and certain value to Salix shareholders," the press release said. "The tender offer is scheduled to expire at the end of the day on March 31, 2015, and Valeant expects to be in the position to close the transaction on April 1, 2015."