After consultations with an independent financial advisor, the Supervisory Board decided that the offered price was fair and that the bid was made in line with the law, as confirmed by the Croatian Agency for the Supervision of Financial Services (HANFA).
The Supervisory Board noted Actavis's position that a merger of the two companies would be a superior business proposal with the best solutions for the future development and growth of the combined company in all markets, including Croatia, and that the future of the global generic business lay in consolidation.
The Supervisory Board said it believed that it was important to state that Actavis was present in the same markets as Pliva, which might lead to interest overlapping.
It recalled that the takeover bid stated that Actavis and its partners, Quaestus Private Equity Partners and Herkonugil, held 20.23 percent of Pliva's regular shares.
Actavis published its takeover bid in Croatian dailies and the Official Gazette on September 2 and 4.
By publishing its position on the takeover bid, the Pliva Supervisory Board has met its obligations from the Law on the Takeover of Companies.
On August 23 Pliva published its position on a bid by the US company Barr Pharmaceuticals, which offered 743 kuna per share. The offer was described as fair and offering an attractive long-term development prospect for Pliva.