Pliva also said that that Actavis" formal notification provided no details regarding option agreements, including the strike price and premium paid for the options or the conditions upon which the options are exercisable or lapse.
"Pliva notes Actavis" press announcement on 29 June 2006 of a proposal to offer to Pliva shareholders 723 kuna per share (in addition to the proposed 12 kuna dividend for a total cash consideration of 735 kuna per share) and disclosure that it has also entered into call option agreements over GDRs equivalent to 1,894,650 Pliva shares representing 10.7% of Pliva's outstanding share capital," the Croatian generic drug maker said in a statement.
"Pliva also notes that Actavis has said that these option agreements together with shares held directly and indirectly, give Actavis control over more than 20% of outstanding Pliva shares," the statement said..
" PLIVA continues to advise shareholders to take no action in respect of their shares in PLIVA until publication of the offers made by Barr and Actavis. PLIVA notes that both transactions announced by Barr and Actavis present potential antitrust issues that will need to be resolved with the U.S. antitrust agencies prior to launch of a formal offer. PLIVA believes that such issues are capable of satisfactory resolution in both cases and that the time required for such resolution is likely to be similar for each," the Croatian company said in the statement.