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Actavis publishes decision to withdraw its offer for takeover of Pliva

ZAGREB, Sept 19 (Hina) - The Icelandic pharmaceutical company Actavis on Tuesday published in Croatian dailies a decision to withdraw its offer for the takeover of the Croatian pharmaceutical company Pliva because the offer by the US company Barr Pharmaceuticals of 820 kuna per share exceeds Actavis's offer of 795 kuna.
ZAGREB, Sept 19 (Hina) - The Icelandic pharmaceutical company Actavis on Tuesday published in Croatian dailies a decision to withdraw its offer for the takeover of the Croatian pharmaceutical company Pliva because the offer by the US company Barr Pharmaceuticals of 820 kuna per share exceeds Actavis's offer of 795 kuna.

In a statement issued on Monday Actavis said that it had no intention of increasing its offer for Pliva because it did not want to jeopardise its development plans by overpaying for the acquisition.

The Icelandic company considers its offer of 795 kuna fair because it includes the envisaged positive synergic effects of the merger.

Company officials said that they would carefully follow developments regarding the takeover of Pliva and that they reserved the right to join the process again.

There are two possibilities for Actavis to rejoin the process of taking over Pliva.

The first one is for Actavis to make a public offer, but it would have to complete the procedure by October 11, when Barr's amended offer for the purchase of Pliva's shares for 820 kuna per share expires.

The second possibility for Actavis to again become involved in efforts to take over Pliva is for Barr to fail to collect more than 50% of Pliva's shares, which is what Barr's offer is conditional on and which is in line with its obligation to buy the shares deposited by Pliva shareholders for Barr's offer with the Central Depository Agency. Actavis would then be able to announce a new offer, which would probably be lower due to a likely drop in the market price of Pliva shares.

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