REYKJAVIK, Iceland, May 3, 2007 (PRIME NEWSWIRE) -- Actavis Group (OMX:ACT) announces that it has withdrawn its interest to acquire the generics division of Merck KGaA.
Actavis has performed extensive due diligence on the division and identified significant potential synergies with Actavis operations. However, the Board of Actavis considers that at the price levels that Actavis understands are being offered for the division by other bidders, the transaction would not produce value for Actavis' shareholders and therefore to proceed to the next stage of the bidding process would not be in their best interests.
Actavis is very well supported by its relationship banks and has the financial capability to undertake major acquisition opportunities such as the generics division of Merck KGaA as well as other targets. Actavis will continue to evaluate other acquisition opportunities to ensure the business remains at the forefront of a rapidly consolidating industry and to complement the strong growth profile of its own operations.
About Actavis Group
Actavis is one of the world's leading generic pharmaceutical companies specializing in the development, manufacture and sale of generic pharmaceuticals. Based in Iceland, the company has operations in more than 30 countries, with over 11,000 employees. The Company's market cap is approximately EUR3.0bn (US$3.8 billion) and it's listed on the OMX Exchange in Iceland. For further information, visit www.actavis.com