Reykjavik, Iceland, 22 June, 2007 ― The Board of Actavis Group, the international generic pharmaceuticals company (OMX: ACT), notes the revised voluntary offer that Novator has made today to acquire A class shares of Actavis. Novator is an investment firm led by Bjorgolfur Thor Bjorgolfsson, Chairman of Actavis. Under the terms of Novator's revised offer, Actavis shareholders would receive EUR1.075 per share. This represents a premium of 19.6% to Actavis's share price on 9 May 2007, the day immediately prior to Novator's announcement of its initial offer, which was subsequently published on 1 June 2007. The revised offer represents an additional10.6% increase on the initial offer of EUR 0.98 per share. Additional cash payment clause In addition, the revised offer contains a clause where existing Actavis shareholders are entitled to receive an additional payment in the event that Novator sells 10% or more of its common equity interest in Actavis within 12 months of the revised offer closing. Full details of the additional payment clause are set out in Novator's revised offer. Recommendation The Board of Actavis, which excludes Bjorgolfur Thor Bjorgolfsson, Andri Sveinsson and Robert Wessman, has considered the terms of the revised offer by Novator. Following consultation with JPMorgan, who have acted as financial advisors, the Board believes that the terms of the revised offer are fair and reasonable to Actavis shareholders. According to article 41 of the Act no. 33/2003 on securities transactions in Iceland, the Board has also taken into account other factors included in the offer such as the way the bid will be financed and Novator's future plans for Actavis' senior management, details of which have been set out in the published offer. Accordingly, Actavis' Board unanimously recommends that Actavis shareholders accept the revised offer from Novator. For further information: Sindri Sindrason, Actavis Board member (+354) 892-4481 Halldor Kristmannsson, VP Corporate Communications (+354) 535-2300 / 840-3425 hkristmannsson@actavis.com About Actavis Actavis is one of the world's leading generic pharmaceutical companies specializing in the development, manufacture and sale of generic pharmaceuticals. Based in Iceland, the company has operations in 39 countries, with over 11,000 employees. The Company's market capitalization is approximately EUR3.3bn and it's listed on the OMX Exhange in Iceland. For further information, visit www.actavis.com