Actavis responds to Barr Pharmaceuticals' increased offer for PLIVA
Actavis Group has noted the increased offer published on September 11th, to acquire PLIVA, announced by Barr Pharmaceuticals.
The Board of Actavis believes that its 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, Actavis has no plans to increase its offer for 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 confirms that, as previously notified, it controls approximately 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.
Commenting, Robert Wessman, President and CEO of Actavis said: "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"
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