Reykjavik, Iceland, 3 May 2007 ― 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withdrawn its interest to acquire the generics division of Merck KGaA.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.
For further information:
Actavis Group
Halldor Kristmannsson, VP Corporate Communications
(+354) 535-2300 / 840-3425
hkristmannsson@actavis.com
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 Exhange in
Iceland. For further information, visit www.actavis.com