HANFA said Actavis' notice about the withdrawal would be issued in the daily press and the Official Gazette.
Responding to the raised tender offer by the U.S. company Barr Pharmaceuticals, which offered 820 kuna for each Pliva share, the notice read that Actavis' offer of 795 kuna was fair, "including synergies expected to be realised from a combination with Actavis".
"On this basis, Actavis has no plans to increase its offer for PLIVA at this stage," said the notice, adding that "Accordingly, Actavis will take the necessary steps to ask (HANFA) to release the guarantee that the Company has provided".
Actavis confirmed that it controls 20.8 per cent of Pliva shares, through direct ownership and option agreements.
The company also said it would "continue to follow closely the progress of the bidding for PLIVA, and reserves the right to apply to re-enter the process".
"While we continue to believe that the combination of our two businesses would create one of the most exciting companies in our industry and a solid platform from which to achieve substantial future growth, we will not compromise our growth plans by overpaying for acquisitions despite very strong synergies," said Robert Wessman, President and CEO of Actavis.