UPDATE 1-Valeant alters bid for Allergan as Pershing opts for stock

(Adds share activity, details on Pershing Square move)

May 30 (Reuters) - Valeant Pharmaceuticals International Inc said on Friday that it would adjust the cash component in its takeover bid for Botox-maker Allergan Inc for the second time this week, contingent on the two sides negotiating.

Valeant said it would pay $72 in cash - up from $58.30 on Wednesday - and 0.83 share of Valeant stock for each Allergan share. The offer was made possible by Pershing Square, the hedge fund controlled by Bill Ackman that is Allergan's biggest shareholder, agreeing to take only stock in Valeant for its Allergan shares and receive no cash.

Shares of Allergan jumped 5.1 percent in New York to $166.57 after a trading halt, while Valeant stock climbed 1.1 percent to $130.66.

Ackman said he called Valeant Chief Executive Mike Pearson on Friday morning and offered to take stock for his Allergan shares if Pearson increased the cash offer to other shareholders.

"We believe that our gesture to the other Allergan owners makes an extraordinarily strong statement about our belief in the long-term value of this highly strategic business combination," Ackman said in a statement.

(Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Chris Reese and Marguerita Choy)