The week in billion-dollar deals began with a pair of billion-dollar hostile bids that failed to win over their targets. Endo International lost out to Valeant Pharmaceuticals International’s new deal for Salix Pharmaceuticals, while Simon Property Group’s $22.4 billion offer for retail real estate investment trust Macerich Co. was simply too low.
The Am Law Daily noted a week ago Skadden, Arps, Slate, Meagher & Flom’s roles representing Endo and Valeant on their competing bids for Salix, a dual representation that The Wall Street Journal and Reuters subsequently took note of, which now concludes with Valeant the victor after upping its purchase price for Salix. The amended deal is expected to close April 1.
