Actavis Inc received and rejected a takeover offer from Mylan Inc last week that valued the generic drugmaker at more than $15 billion, a person familiar with the situation told Reuters on Tuesday. Mylan's cash and stock bid for its larger rival, which came in early last week, valued Actavis at $120 per share, the person said, asking not to be identified because the matter is not public.The Mylan offer came shortly after Actavis halted discussions with Canadian drugmaker Valeant Pharmaceuticals International Inc about selling itself for more than $13 billion, the person said.Canonsburg, Pennsylvania-based Mylan is no longer actively pursuing a deal after shares of Actavis rose significantly over the past week, to above its $120 per share offer, the person added.Actavis shares ended Tuesday at $121.68 on the New York Stock Exchange, valuing the company at more than $15.5 billion. Mylan shares rose 3 percent to $30.10, making the company worth about $11.5 billion.
Actavis, Inc. formerly Watson Pharmaceuticals, Inc. Shares of ACT traded higher by 0.96% or $1.16/share to $121.68. In the past year, the shares have traded as low as $67.67 and as high as $121.56. On average, 1365490 shares of ACT exchange hands on a given day and today's volume is recorded at 3721089.
Mylan, Inc. develops and markets generics along with a number of proprietary drugs. Shares of MYL traded higher by 3.08% or $0.9/share to $30.10. In the past year, the shares have traded as low as $20.21 and as high as $31.22. On average, 5733330 shares of MYL exchange hands on a given day and today's volume is recorded at 9796054.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 1.86% or $1.41/share to $77.30. In the past year, the shares have traded as low as $42.47 and as high as $76.57. On average, 1416900 shares of VRX exchange hands on a given day and today's volume is recorded at 1426090.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 2.32% or $1.78/share to $78.58. In the past year, the shares have traded as low as $43.99 and as high as $77.70. On average, 418769 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 400276.
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