Valeant Pharmaceuticals Inc said on Wednesday it began an exchange offer for Allergan Inc, taking its $50.8 billion bid directly to shareholders.
Valeant, which said on Tuesday it would launch the offer this week, said Allergan shareholders can choose to trade each share for $72 in cash and 0.83 Valeant shares.
Allergan said its board would review the exchange offer from Valeant. It previously rejected on June 10 Valeant's bid, which contained the same major terms.
Valeant's offer will expire on Aug. 15, unless extended.
Allergan shares rose 1.1 percent around midday in New York to $162.34, while Valeant was down slightly in New York and up modestly in Toronto.
(Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Jeffrey Benkoe and Andrew Hay)