Another Forest Investor Says $25B Actavis Offer Is Weak

Law360, New York (March 13, 2014, 4:13 PM EDT) -- Another investor in Carl Icahn-backed Forest Laboratories Inc. recently sued the pharmaceutical company in New York court to block generic-drug maker Actavis PLC’s proposed $25 billion acquisition of the company, calling the terms of the deal “grossly inadequate.”

Shareholder Andrew Bailis alleges in a proposed class action that the deal severely undervalues Forest and that the transaction was “carelessly consummated” in an “improper manner” that constitutes a breach of fiduciary duties by the pharmaceutical company’s board of directors.

The suit, filed Tuesday, contends that “the terms...
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