Proxy Advisory Firms Support Actavis' Proposed Acquisition Of Warner Chilcott

(RTTNews) - Actavis Inc. (ACT) announced that all three leading independent proxy advisory firms — Institutional Shareholder Services or ISS, Glass Lewis and Egan-Jones — have recommended that Actavis shareholders vote in favor of adopting the transaction agreement in which Actavis will acquire Warner Chilcott plc. (WCRX) through the formation of a new holding company incorporated in Ireland, expected to be named Actavis plc.

Actavis' proposed acquisition of Warner Chilcott is the subject of a special meeting of Actavis shareholders, which will be held on September 10, 2013 at 9:00 a.m. Eastern Daylight Time, at the Parsippany Hilton in Parsippany, N.J.

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.