Actavis plc’s $4.2 Billion Registered Ordinary Shares Offering and $5.1 Billion Registered Mandatory Convertible Preferred Shares Offering

Cravath represented the underwriters, led by J.P. Morgan Securities, Mizuho Securities, Wells Fargo Securities, Morgan Stanley, Barclays and Citigroup, in connection with the US$4.2 billion registered ordinary shares offering by Actavis plc, a global specialty pharmaceutical company. Cravath also represented the underwriters in the US$5.1 billion registered mandatory convertible preferred shares offering of Actavis plc. Proceeds of the offerings were used to finance the acquisition of Allergan, Inc. by Actavis. The shares were listed on the New York Stock Exchange. These concurrent transactions, which closed on March 2, 2015, represented the largest healthcare equity offering and the largest non‑financial mandatory convertible preferred share offering to date, respectively.

The Cravath team included partners Stephen L. Burns and Andrew J. Pitts and associates Alan G. Grinceri, Mark Mushkin, Katerina M. Novak, Stacy G. Grant and Chase A. M. Proctor on corporate matters and partner Christopher K. Fargo and associate Richard Bohm on tax matters.