Quebec-based Valeant Pharmaceuticals has increased its takeover bid for Allergan from US$50 to nearly US$60 billion.

In a letter to Allergan, Valeant said that its offer could now be “at least US$200 a share.” However, the Quebec company has provided no further details, opening the door to speculation.

Valeant–s previous offer was US$82 plus a 0.83 of a Valeant share for each Allergan share. Many analysts think that the new offer is simply the projected higher valuation of Valeant–s own shares, rather than a true increase. Allergan executives were quick to emphasize this in its stinging reply.

For further information (in French only): http://affaires.lapresse.ca/resultats-financiers/201410/20/01-4810785-valeant-disposee-a-modifier-son-offre-sur-allergan.php