Barr Pharmaceuticals announced that the Croatian Financial Services Supervisory Agency (HANFA) has approved for publication its offer for the purchase of all the shares of Pliva, based in Zagreb, Croatia. Under the terms of the $2.3 billion offer, Pliva shareholders will receive HRK743 in cash.
In accordance with Croatian law and HANFA instructions, Barr anticipates that its formal offer will be published in major Croatian newspapers at the earliest. The publication of the offer initiates the formal takeover process, which is expected to take at least 30 days following publication and up to 60 days from the date a competing bid is approved for publication.
The Reykjavik, Iceland-based generic pharmaceutical company Actavis said it has submitted a competing offer for Pliva.
Bruce Downey, Barr’s chairman and CEO says that the acquisition will result in the creation of the third largest generic pharmaceutical company in the world. He added that they are aware of the competing offer from Actavis.