In a statement issued on the Zagreb Stock Exchange, Pliva said that after a careful analysis it decided that the offer by Barr Pharmaceutical was the best and that it recommended it.
Apart from the 705 kuna per share, Pliva's shareholders would also have the right to a dividend amounting to 12 kuna per share.
Barr Pharmaceutical has pledged to officially inform the Croatian Agency for the Supervision of Financial Services (HANFA) and the public about its intention to announce its bid by 15.00 hours on Wednesday, 28 June 2006.
The US company expects to submit its bid after it receives the necessary approval from agencies for the protection of market competition in the USA and Germany, and from the HANFA.