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Actavis (ACT) Rejects $15 Billion Offer From Mylan Inc. (MYL): Source


5/15/2013 7:04:02 AM

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Actavis Inc (ACT.N) received and rejected a takeover offer from Mylan Inc (MYL.O) 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 public. The Mylan offer came shortly after Actavis halted discussions with Canadian drugmaker Valeant Pharmaceuticals International Inc (VRX.TO) 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 added.

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