SLXP (MM)

Activist investor Bill Ackman, who holds a 5% stake in Valeant Pharmaceuticals International Inc. (VRX.T), on Friday said the drug company will not overpay in its effort to acquire Salix Pharmaceuticals Ltd. (SLXP), despite a competing offer from Endo International PLC.

Valeant Chief Executive J. Michael Pierson "is the most disciplined buyer of companies. He's not going to overpay for Salix," Mr. Ackman said in an interview on CNBC. "I don't view it (Endo offer) as a credible bid," he said.

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