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Canadian pharmaceutical major Valeant Pharmaceuticals International has increased its offer for Salix Pharmaceuticals to $10.96 billion in cash.

Valeant concentrates on neurology, dermatology and infectious disease with numerous drugs in late-stage clinical trials and numerous currently on the market. Salix Pharmaceuticals develops drugs and medical devices that prevent and treat many gastrointestinal disorders.

Salix Pharmaceuticals said yes to Valeant's new offer of $173 a share. The price offered is higher compared to $158 per share in cash late last month. According to experts, it would be the largest purchase that Canada-based Valeant ever made. It would be also better for investor Bill Ackman. Ackman made an announcement last week that he had purchased over $3

On Monday, Fast Food Forward, a union-back group, unveiled about a series of complaints it has filed against McDonald's Corp to Occupational Safety and Health Administration.

As per the group being backed by the Service Employees International Union, McDonald's Corp. should be held liable under federal rules for worker-safety violations at its franchised restaurants. The group has alleged violations by 19 McDonald's franchises and nine McDonald's Corp.-owned stores.

The group said that it has prepared a detailed legal argument that would be enough to convince OSHA that the fast-food company has done violations. It is said that the group would present the argument in front of OSHA in the next few weeks.

The private-equity firms Leonard Green & Partners and TPG Capital have decided to buy Life Time Fitness in a transaction valued at more than $4 billion. It will be one of the biggest buyouts of the year.

According to a prepared statement, the investor group including LNK Partners and Life Time's chief executive officer, Bahram Akradi, will pay $72.10 a share in cash for the Minnesota-based company.

The price has reflected a 73% premium to the closing price on August 22, before Life Time said that it was considering its strategic options.

An analyst anticipated that Netflix, headed by CEO Reed Hastings, will have to spend an additional $1.5 billion on content this year in order to compete with its rivals. According to Evercore ISI analyst Ken Sena, competition could create problems for the company to 'sell' from 'hold'. Snapchat's new Discover platform, Apple's teaming with HBO Now and ABC's streaming of 'The Oscars Backstage' on Facebook could all hinder the company's development.

According to Sena, the extra expenditure on content will cut Netflix's free cash flow for 2015, to a negative $677 million, compared to an estimation of negative $97 million by Street.

A Santa Monica law firm filed a lawsuit against the ride service company Lyft late last week. The 22-page long complaint claims that the company failed to pay the promised bonuses to its new drivers and to the people who recruited them.

This lawsuit includes a recent promotion by Lyft that promised a $1,000 bonus to drivers in 15 major US cities they recruited by March 5.

The company sent an email to applicants on March 4 saying that some of the drivers might not qualify for the promotion because a background check could not be completed in time.

Attorney R. Rex Parris in a press release said, "Lyft took drivers for a ride by not providing timely background checks for new drivers making it impossible for them to give their first ride by the deadline imposed by Lyft".

On Monday, Sotheby's, premier auction house for fine art, antiques, books and other collectable memorabilia named Tad Smith as its new chief executive.

Ted is the head of the sports and entertainment group Madison Square Gardens (MSG). He will replace William Ruprecht, who led the company for almost 15 years prior to his resignation in November.

Mr. Ruprecht started as a typist in the rug department in 1980. Now, Tad would replace Ruprecht who fills the roles of chairman and chief executive.

However, Sotheby's said it had separated the roles of chairman and chief executive. Its board has elected lead independent director Domenico De Sole to take over as chairman. Smith will also join the company's board of directors.