Press Release: Directors of Actavis to review takeover bid and obtain fairness opinion
Directors of Actavis to review takeover bid and obtain fairness opinion Actavis announces that the expected voluntary takeover offer made by Novator, an investment vehicle led by the Chairman of Actavis, Bjorgolfur Thor Bjorgolfsson, is to be reviewed by directors on the Board of the Company. In addition, a fairness opinion will be sought from an independent advisor after a formal binding bid has been published to shareholders. Actavis announced on 10 May that a voluntary offer had been made by Novator with the intention of acquiring the entire A class shares of Actavis at a price of EUR0.98 per share (equals to ISK85.23 per share, based on Icelandic Central Bank Fixing Exchange Rate for Euro on 9 may). The directors will evaluate the offer and give its recommendation to shareholders, based on the fairness opinion of the independent advisor, includes Sindri Sindrason, Magnus Thorsteinsson and Baldur Gudnason (alternate director of the Board). Actavis Chairman Bjorgolfur Thor Bjorgolfsson, Andri Sveinsson and Actavis CEO, Robert Wessman, will not be involved in the recommendation that will be made to shareholders. A further announcement will be made to the market as soon as the fairness opinion has been obtained and considered by the Directors.