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Endo withdraws offer for Salix

Reuters

(Reuters) - Endo International Plc (ENDP.O) said it would withdraw its cash-and-stock offer to acquire Salix Pharmaceuticals Ltd (SLXP.O) after Valeant Pharmaceuticals International Inc (VRX.TO) increased its bid for the bowel drug maker.

Salix has agreed to Valeant's raised cash offer of $173 per share, Valeant and Salix said earlier on Monday.

"We have been and will continue to be disciplined in our approach to potential acquisitions," Endo said.

(Reporting by Ankur Banerjee in Bengaluru)