Actavis drops out of bidding for Merck KGaA generics ops |
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Published
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Thu, 03 May 2007 12:02
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FRANKFURT (Thomson Financial) - Icelandic generics company Actavis said it has dropped out of the running to acquire Merck KGaA's generics division, due to the high level of bids offered by rival bidders.Following due diligence, the company's board decided that 'the transaction would not produce value for Actavis's shareholders', it said.Actavis stressed that it has the financial means for major acquisition opportunities - including that of Merck's generics ops - and added that it will continue to evaluate other acquisition opportunities.Analysts estimate that Merck's generics division could fetch more than 4 bln eur.krysia.diver@thomson.comkd/jlwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Merck KgaA gets 5 bln usd bid for generics unit from India's Torrent - report 