Actavis: No immediate plans to increase offer for Pliva

By Elaine Rigoli

Tampa, Fla., Sept. 18 - Actavis Group, the international generic pharmaceuticals company, has noted Barr Pharmaceuticals' increased offer to acquire Pliva d.d. and said Actavis' current offer of HRK 795 per share represents a full and fair price for Pliva's shares including synergies expected to be realized through the combination with Actavis.

On this basis, Reykjavik, Iceland-based Actavis said it has no plans to increase its offer for Zagreb, Croatia-based Pliva at this stage.

Accordingly, Actavis will take the necessary steps to ask the Croatian Financial Services Supervisory Agency to release the guarantee that the company has provided.

Actavis confirmed that, as previously notified, it controls 20.8% of the outstanding shares of Pliva through direct ownership and option agreements.

Actavis will 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," president and chief executive officer Robert Wessman said in a news release.

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