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Actavis plc to acquire Forest Laboratories Inc for $25 bln


Tuesday, 18 Feb 2014 07:00am EST 

Actavis plc and Forest Laboratories Inc:Says that they have entered into a definitive agreement under which Actavis will acquire Forest for a combination of cash and equity valued at about $25 bln or $89.48 per Forest share ($26.04 in cash and 0.3306 Actavis shares for each share of Forest common stock).Represents a premium of about 25 pct per share over Forest's stock price, and a premium of about 31 pct over Forest's 10-day volume weighted average stock price, as of the close of trading on Feb. 14, 2014.Says in the proposed transaction, shareholders of Forest will receive 0.3306 shares of ACT common stock and $26.04 in cash for each share of Forest.Greenhill & Co. is serving as financial advisor to Actavis, and Latham & Watkins LLP is serving as Actavis' legal advisor.J.P. Morgan is serving as financial advisor to Forest, and Wachtell, Lipton, Rosen & Katz is serving as Forest's legal advisor.Actavis currently has bridge loan commitments from BofA Merrill Lynch and Mizuho Bank pending execution of its final financing plans. 

Company Quote

260.9
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17 Dec 2014