Actavis gets takeover offer from chairman-led investment firm

Acquisitive Iceland-based generics company Actavis revealed that it has itself become the subject of a takeover offer from Novator, an investment firm led by its own chairman, Bjorgolfur Thor Bjorgolfsson.

Novator, which already owns 38.5% of Actavis, stated that it will make a voluntary offer for the entire class A common stock of the generics group of 0.98 euros per share, a total of around 3.3 billion euros ($4.49 billion). This offer price is a premium of 9% on Actavis' closing price on May 9 and, according to Novator, is 21% higher than the firm's six-month average closing price.

According to the Wall Street Journal, analysts see the offer price as being low compared with the premiums paid for other generics companies in recent times.