Forest appeases shareholders over Actavis deal
US drugmaker Forest Laboratories (NYSE: FRX) has reached a settlement with shareholders over its deal with generics drug major Actavis (NYSE: ACT).
It was announced in February that Forest had agreed a cash and equity transaction valued at around $25 billion, or $89.48 per Forest share ($26.04 in cash and 0.3306 Actavis shares per Forest share). However, it was reported that shareholders believed it could have accepted a higher offer
In a filing to the US Securities and Exchange Commission yesterday, the company said that in February its board discussed the possibility of a merger with Actavis, and that chief executive Brent Saunders informed the board about his prior conversations with Actavis chief executive Paul Bisaro.
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