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Valeant says sweetened bid for Allergan will not be all-cash

    ALLERGAN
    240,22+1,21%
    (Reuters) - Canada's Valeant Pharmaceuticals International Inc said its sweetened offer for drugmaker Allergan Inc would not be an all-cash bid as was expected.

    Valeant, which plans to announce its improved offer on May 28, had launched a $47 billion unsolicited bid on April 22, along with activist investor William Ackman.

    Valeant's current offer is worth $48.30 per share in cash and 0.83 of its share for each ALLERGAN (AGN.NY)share.

    (Reporting by Esha Dey in Bangalore; Editing by Savio D'Souza)

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