Actavis plc (NYSE:ACT) and Forest Laboratories, Inc. (NYSE:FRX)
today announced that the tentative election deadline for Forest
stockholders to elect the form of consideration they wish to
receive in Actavis’ planned acquisition of Forest is 5:00 p.m.,
Eastern time, on June 27, 2014 (the “Election Deadline”). The
Election Deadline may be extended, in which case Actavis and Forest
will issue a press release announcing the new election deadline.
Subject to regulatory approval and other customary closing
conditions, the closing date of the acquisition is expected to be
July 1, 2014. Forest stockholders who hold shares through a bank,
broker, trust company or other nominee may have an earlier election
deadline and should carefully review any instructions received from
their bank, broker, trust company or other nominee.
As previously announced, Forest stockholders can elect to
receive, for each of their shares of Forest common stock, either
cash, Actavis ordinary shares, or a combination of cash and Actavis
ordinary shares. The cash and stock elections will be subject to
proration and adjustment procedures, which are further described in
the Joint Proxy Statement/Prospectus of Actavis and Forest, dated
May 2, 2014. The documents necessary for Forest stockholders to
make an election for their merger consideration were mailed
beginning on May 30, 2014.
As further described in the election forms, to make a valid
election, Forest stockholders must deliver to Computershare Trust
Company, N.A., the exchange agent for the transaction, prior to the
Election Deadline, a properly completed election form and related
letter of transmittal, together with their Forest stock
certificates or confirmation of book-entry transfer, and a
completed Internal Revenue Service (“IRS”) Form W-9 (or the
appropriate IRS Form W-8, as applicable). Forest stockholders
should carefully read all the election materials provided to them
before making their election.
Forest stockholders with questions regarding the election
procedures, who want up to date information on the Election
Deadline or who wish to obtain copies of the election materials may
contact MacKenzie Partners, Inc., the information agent for the
transaction, at (800) 322-2885 (toll-free) or (212) 929-5500
(collect).
About Actavis
Actavis plc (NYSE:ACT) is a global, integrated specialty
pharmaceutical company focused on developing, manufacturing and
distributing generic, brand and biosimilar products. Actavis has
global headquarters in Dublin, Ireland and U.S. administrative
headquarters in Parsippany, New Jersey, USA.
Actavis develops and manufactures generic, brand, branded
generic, legacy brands and Over-the-Counter (OTC) pharmaceutical
products and has commercial operations in approximately 60
countries. The Company’s North American branded pharmaceuticals
business is focused principally in the Women’s Health, Urology,
Gastroenterology and Dermatology therapeutic categories with a
strong pipeline of products in various stages of development.
Actavis also has a portfolio of five biosimilar products in
development in Women's Health and Oncology. Actavis Global
Operations has more than 30 manufacturing and distribution
facilities around the world, and includes Anda, Inc., a U.S.
pharmaceutical product distributor.
For press release and other company information, visit Actavis'
Web site at http://www.actavis.com.
About Forest
Forest Laboratories (NYSE:FRX) is a leading, fully integrated,
specialty pharmaceutical company largely focused on the United
States market. Forest markets a portfolio of branded drug products
and develops new medicines to treat patients suffering from
diseases principally in five therapeutic areas: central nervous
system, cardiovascular, gastrointestinal, respiratory, and
anti-infective. Forest’s strategy of acquiring product rights for
development and commercialization through licensing, collaborative
partnerships and targeted mergers and acquisitions allows Forest to
take advantage of attractive late-stage development and commercial
opportunities, thereby managing the risks inherent in drug
development. In January 2014, Forest acquired Aptalis
Pharmaceuticals for $2.9 billion in cash in order to gain access to
its GI and Cystic Fibrosis products, including treatments for
Ulcerative Proctitis, Duodenal Ulcers, H. Pylori, Anal Fissures,
and Pancreatic Insufficiency. In February 2014, Forest and Actavis
plc announced an agreement where Forest would be acquired for about
$25 billion in cash and stock. The acquisition of Forest by Actavis
is contingent upon regulatory approvals and other customary closing
conditions.
Forest is headquartered in New York, NY. To learn more, visit
www.frx.com.
Important Information for Investors and Shareholders
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. In connection with the
proposed merger between Actavis and Forest, Actavis has filed with
the Securities and Exchange Commission (the “SEC”) a registration
statement on Form S-4 containing a joint proxy statement of Actavis
and Forest that also constitutes a prospectus of Actavis. The
registration statement was declared effective by the SEC on May 2,
2014. Each of Actavis and Forest has mailed to its stockholders or
shareholders the proxy statement/prospectus. In addition, each of
Actavis and Forest has filed and will file with the SEC other
documents with respect to the proposed transaction. INVESTORS AND
SECURITY HOLDERS OF ACTAVIS AND FOREST ARE URGED TO READ THE
DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS
FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders will be able to obtain
free copies of the registration statement and the definitive joint
proxy statement/prospectus and other documents filed with the SEC
by Actavis and Forest through the website maintained by the SEC at
http://www.sec.gov. Copies of the documents filed with the SEC by
Actavis will be available free of charge on Actavis’ internet
website at www.actavis.com or by contacting Actavis’ Investor
Relations Department at (862) 261-7488. Copies of the documents
filed with the SEC by Forest will be available free of charge on
Forest’s internet website at www.frx.com or by contacting Forest’s
Investor Relations Department at (212) 224-6713.
Actavis Cautionary Statement Regarding Forward-Looking
Statements
Statements contained in this communication that refer to
Actavis’ estimated or anticipated future results, including
estimated synergies, or other non-historical facts are
forward-looking statements that reflect Actavis’ current
perspective of existing trends and information as of the date of
this communication. Forward looking statements generally will be
accompanied by words such as “anticipate,” “believe,” “plan,”
“could,” “should,” “estimate,” “expect,” “forecast,” “outlook,”
“guidance,” “intend,” “may,” “might,” “will,” “possible,”
“potential,” “predict,” “project,” or other similar words, phrases
or expressions. Such forward-looking statements include, but are
not limited to, statements about the expected timing of the
Election Deadline and the completion of the transaction. It is
important to note that Actavis’ goals and expectations are not
predictions of actual performance. Actual results may differ
materially from Actavis’ current expectations depending upon a
number of factors affecting Actavis’ business, Forest’s business
and risks associated with acquisition transactions. These factors
include, among others, the ability to obtain required regulatory
approvals for the transaction (including the approval of antitrust
authorities necessary to complete the acquisition), the timing of
obtaining such approvals and the risk that such approvals may
result in the imposition of conditions that could adversely affect
the combined company or the expected benefits of the transaction;
the risk that a condition to closing of the Forest acquisition may
not be satisfied on a timely basis or at all; the failure of the
proposed transaction to close for any other reason; risks relating
to the value of the Actavis shares to be issued in the transaction;
the anticipated size of the markets and continued demand for
Actavis’ and Forest’s products; the impact of competitive products
and pricing; access to available financing (including financing for
the acquisition or refinancing of Actavis or Forest debt) on a
timely basis and on reasonable terms; the risks of fluctuations in
foreign currency exchange rates; the risks and uncertainties
normally incident to the pharmaceutical industry, including product
liability claims and the availability of product liability
insurance on reasonable terms; the difficulty of predicting the
timing or outcome of pending or future litigation or government
investigations; periodic dependence on a small number of products
for a material source of net revenue or income; variability of
trade buying patterns; changes in generally accepted accounting
principles; risks that the carrying values of assets may be
negatively impacted by future events and circumstances; the timing
and success of product launches; the difficulty of predicting the
timing or outcome of product development efforts and regulatory
agency approvals or actions, if any; market acceptance of and
continued demand for Actavis’ and Forest’s products; costs and
efforts to defend or enforce intellectual property rights;
difficulties or delays in manufacturing; the availability and
pricing of third party sourced products and materials; successful
compliance with governmental regulations applicable to Actavis’ and
Forest’s facilities, products and/or businesses; changes in the
laws and regulations affecting, among other things, pricing and
reimbursement of pharmaceutical products; changes in tax laws or
interpretations that could increase Actavis’ consolidated tax
liabilities; the loss of key senior management or scientific staff;
and such other risks and uncertainties detailed in Actavis’
periodic public filings with the Securities and Exchange
Commission, including but not limited to Actavis plc’s Annual
Report on form 10-K for the year ended December 31, 2013, Quarterly
Report on form 10-Q for the quarter ended March 31, 2014 and
Current Report on form 8-K filed on May 20, 2014 (File No.
14856401) and from time to time in Actavis’ other investor
communications. Except as expressly required by law, Actavis
disclaims any intent or obligation to update or revise these
forward-looking statements.
Forest Cautionary Statement Regarding Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, but are not limited to,
statements about the expected timing of the Election Deadline and
completion of the transaction. It is important to note that
Forest’s goals and expectations are not predictions of actual
performance. Actual results may differ materially from Forest’s
current expectations depending upon a number of factors affecting
Forest’s business, Actavis’ business and risks associated with
acquisition transactions. These factors include, among others, the
ability to obtain required regulatory approvals for the transaction
(including the approval of antitrust authorities necessary to
complete the acquisition), the timing of obtaining such approvals
and the risk that such approvals may result in the imposition of
conditions that could adversely affect the combined company or the
expected benefits of the transaction; the risk that a condition to
closing of the acquisition may not be satisfied on a timely basis
or at all; the failure of the proposed transaction to close for any
other reason; risks relating to the value of the Actavis shares to
be issued in the transaction; access to available financing
(including financing for the acquisition or refinancing of Forest
or Actavis debt) on a timely basis and on reasonable terms; the
difficulty of predicting FDA approvals, the acceptance and demand
for new pharmaceutical products, the impact of competitive products
and pricing, the timely development and launch of new products, and
the risk factors listed from time to time in Forest Laboratories’
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any
subsequent SEC filings. Forest assumes no obligation to update
forward-looking statements contained in this release to reflect new
information or future events or developments.
Actavis:Investors:Lisa DeFrancesco,
862-261-7152orMedia:Charlie Mayr,
862-261-8030orForest:Investors:Frank J. Murdolo,
212-224-6714orMedia:Amanda Kaufman, 646-231-7316
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