This is by 11 percent more than the previous offer, which caused a heated debate in Croatia.
"The Board of Actavis Group (ICEX: ACT) today announces an improved preliminary proposal to acquire all the outstanding Pliva shares on the Zagreb Stock Exchange and all the Pliva GDRs on the London Stock Exchange. The revised proposal is HRK630 in cash per share and values Pliva at approximately US$1.85 billion. This is the final revision to our proposal and the proposal remains subject to standard due diligence," reads a press release issued on the Icelandic's website.
"Actavis believes that the preliminary proposal is highly attractive and provides Pliva shareholders with an immediate and tangible return on their investment. The revised proposal represents:
- An 11% increase to Actavis' previous proposal, submitted to Pliva on 13 March 2006, of HRK570 per share;
- A 40% premium to Pliva's share price on 7 March 2006, the day before rumours first emerged that Pliva had received an approach from a third party;
- A 48% premium over the average Pliva share price during the last three months prior to 7 March 2006," the press release says, among other things.