| NEW YORK
NEW YORK May 14 Actavis Inc received
and rejected a takeover offer from Mylan Inc last week
that valued the generic drugmaker at more than $15 billion, a
person familiar with the situation told Reuters on Tuesday.
Mylan's cash and stock bid for its larger rival, which came
in early last week, valued Actavis at $120 per share, the person
said, asking not to be identified because the matter is not
The Mylan offer came shortly after Actavis halted
discussions with Canadian drugmaker Valeant Pharmaceuticals
International Inc about selling itself for more than
$13 billion, the person said.
Canonsburg, Pennsylvania-based Mylan is no longer actively
pursuing a deal after shares of Actavis rose significantly over
the past week, to above its $120 per share offer, the person
Actavis shares ended Tuesday at $121.68 on the New York
Stock Exchange, valuing the company at more than $15.5 billion.
Mylan shares rose 3 percent to $30.10, making the company worth
about $11.5 billion.
An Actavis spokesman and a Mylan spokeswoman declined to
comment. News of Mylan's offer and its rejection by Actavis was
first reported by Bloomberg.
Actavis said on Friday it is in preliminary talks to acquire
specialty pharmaceutical company Warner Chilcott Plc.