Commenting on the improved offers from Actavis and Barr, Pliva said it noted the press announcement by Actavis Group regarding their offer to Pliva shareholders amounting to 723 kuna per share (in addition to the proposed 12 kuna dividend for a total cash consideration of 735 kuna per share), and awaits formal notification of an intention to publish an offer, in accordance with the Croatian Takeover Law.
"Following formal notification of its intentions, Pliva will seek clarification from Actavis on a number of aspects of its proposal to enable the Supervisory Board to express its substantiated opinion following publication of an offer, as required by the Croatian Takeover Law," the Croatian drugs company said.
Pliva said it also noted the press announcement by Barr Pharmaceuticals of its increased offer of 743 kuna per share (in addition to the proposed 12 kuna dividend for a total cash consideration of 755 kuna per share) to Pliva shareholders.
"Both the offer announced by Barr and the proposal announced by Actavis present potential antitrust issues that will need to be resolved with the US antitrust agencies. Pliva believes that such issues are capable of satisfactory resolution in both cases and that the time required for such resolution is likely to be similar for each. Under U.S. antitrust laws, transactions such as those proposed by Barr and Actavis must be notified to the US antitrust agencies and applicable waiting periods must be observed before closing. For any offeror to proceed to close an offer for Pliva prior to resolution of the substantive issues would be in breach of US antitrust laws," the Croatian company said.
"Until publication of the offer that Barr has committed to make or any offer that Actavis may commit or be obliged to make, Pliva recommends that shareholders take no action in relation to their Pliva shares. Pliva also notes that according to Croatian Takeover Law, once any party directly or indirectly acquires over 25% of the voting shares of an issuer, it is obligated to immediately inform the issuer, public and Croatian Agency for the Croatian Financial Services Supervisory Agency (HANFA) , and publish a mandatory takeover," Pliva said.