Forest Investor Says $25B Actavis Offer Is Insufficient

Law360, New York (February 21, 2014, 8:12 PM EST) -- An investor in Carl Icahn-backed Forest Laboratories sued Thursday to block generic drugmaker Actavis PLC’s $25 billion takeover of the company, saying the price is too low and calling the deal “hastily consummated.”

Earlier this week, the boards of directors at both companies announced the cash-and-stock takeover deal. Under the deal’s terms, stockholders in New York-based Forest will receive a payout valued at $89.48 per share at the time of announcement, including $26.04 in cash and the balance in Actavis shares.

The price is a 25...
To view the full article, register now.