FTC Seeks Addl Information On Actavis' Pending Acquisition Of Warner Chilcott

(RTTNews) - Actavis Inc. (ACT) and Warner Chilcott plc (WCRX) announced that they have each received a request for additional information from the Federal Trade Commission or "FTC" in connection with Actavis' pending acquisition of Warner Chilcott.

Actavis said that the information request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended or "HSR Act".

The effect of the second request is to extend the waiting period imposed by the HSR Act until 30 days after Actavis and Warner Chilcott have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.

Actavis said the company and Warner Chilcott intend to cooperate fully with the FTC's review and continue to expect the transaction to close in the second half of 2013.

In Late-May 2013, Actavis and Warner Chilcott announced a definitive agreement for Actavis to acquire Warner Chilcott in a stock-for-stock transaction valued at $8.5 billion to create a leading global specialty pharmaceutical company. As per the agreement, Warner Chilcott shareholders will receive 0.160 shares of New Actavis for each of their shares, which equates to $20.08 per Warner Chilcott share based on Actavis' closing share price of $125.50 on May 17.