Barr increases offer for Pliva

By Elaine Rigoli

Tampa, Fla., Sept. 11 - Barr Pharmaceuticals, Inc. said Monday that it has raised its formal offer to $2.5 billion in a cash tender offer for the purchase of 100% of the shares of Pliva dd., the generic pharmaceuticals company based in Zagreb, Croatia.

Pliva shareholders who tender their shares will receive HRK 820 per share in cash.

Barr said the tender offer period is now expected to expire Oct. 11.

The company said its ability to close its tender offer is only conditioned upon Barr receiving acceptances that result in the company holding more than 50% of Pliva shares.

Previously Barr was offering $2.3 billion, or HRK 743 per share.

Located in Woodcliff Lake, N.J., Barr Pharmaceuticals is a holding company that operates through its principal subsidiaries, Barr Laboratories, Inc. and Duramed Pharmaceuticals, Inc.

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