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Process of Pliva takeover to be completed in the next 60 days

ZAGREB, Sept 5 (Hina) - The Icelandic pharmaceutical company Actavis has published its bid for the purchase of Pliva shares, which means that the final deadline for Pliva's takeover is the next 60 days.
ZAGREB, Sept 5 (Hina) - The Icelandic pharmaceutical company Actavis has published its bid for the purchase of Pliva shares, which means that the final deadline for Pliva's takeover is the next 60 days.

The process of Pliva's takeover, which has lately hit newspaper headlines due to reports about lobbying in the sale of the biggest Croatian pharmaceutical company, should be completed in early November at the latest.

Actavis's bid was published in the Official Gazette and dailies on September 4.

Since the US company Barr Pharmaceuticals announced its formal bid for the takeover of Pliva on August 18, offering 743 kuna per share plus a 12 kuna dividend, Actavis's offer is considered a rival one.

Actavis offered Pliva's shareholders 795 kuna per share, and as in Barr's case, the conclusion of the takeover will depend on the acquisition of more than 50 percent of Pliva shares.

On the day of the announcement of Actavis's bid, a 30-day deadline starts running during which shareholders, who decide to accept Actavis's offer, can deposit their shares with the Central Depositary Agency.

Barr can amend its offer and prolong its period of validity until the expiry of the validity of Actavis's offer. The US company has already announced that it will respond to the rival bid by the end of this week.

After the expiry of the 30-day deadline, the validity of the offers can be extended in periods of seven days, and it will depend on the increase of the either side's bid.

Under the Law on the Takeover of Companies, the process of bidding can last 60 days at the most from the day of the formal announcement in the Official Gazette of the rival bid, in this case Actavis's bid.

The process of acquisition of Pliva started on March 17 this year, when Actavis announced its preliminary non-binding offer amounting to 570 kuna per share.

The competition for Pliva has increased the value of its shares on the Zagreb Stock Exchange by more than 50 percent, from 540 kuna in mid-March to 830 kuna. Pliva's value has increased from USD1.6 billion in March to around 2.5 billion.

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