Actavis received and rejected a takeover offer from Mylan last week that valued the generic drugmaker at more than $15 billion, a person familiar with the situation told Reuters on Tuesday.
Mylan's cash and stock bid for its larger rival, which came in early last week, valued Actavis at $120 per share, the person said, asking not to be identified because the matter is not public.
(Read More: Merger of Drugmakers Valeant, Actavis on Hold: Source)