Barr Acquires PLIVA d.d. Following Official Closing of Tender Offer Process
Barr Pharmaceuticals, Inc. and PLIVA d.d. announced that the Central Depository Agency ("CDA") has issued the final results of the tender process and that 17,056,977 shares, representing 92% of PLIVA's share capital, have been tendered to Barr's European subsidiary.
Under the terms of Barr's formal $2.5 billion cash tender offer, Barr will make a payment of HRK 820 per share for all shares tendered during the offer period. The transaction is expected to close by October 25, 2006, by which date Barr will make payment for the tendered shares. All shareholders who tendered their shares will receive this payment within five business days of closing.
Upon settlement, PLIVA d.d. will become a subsidiary of Barr Pharmaceuticals, Inc. According to the company, the combination of Barr Pharmaceuticals and PLIVA creates the third largest global generic pharmaceutical company, based on revenue.
The global headquarters of the company will be located at the Barr Pharmaceuticals, Inc. facility in Woodcliff Lake, New Jersey. European operations of the new company will continue to be centered in Zagreb, Croatia. The parent company, Barr Pharmaceuticals, Inc., will continue to be led by Bruce Downey, Chairman and Chief Executive Officer, and Paul Bisaro, President and Chief Operating Officer. Paul Bisaro will continue to lead the company's U.S. generic business segment as President and Chief Operating Officer of Barr Laboratories, Inc. Zeljko ovi will lead PLIVA d.d., the European pharmaceutical operations, as President of the Management Board and Chief Operating Officer. Fred Wilkinson, President and Chief Operating Officer of Duramed Pharmaceuticals, Inc., will lead the proprietary products business. William McKee will continue as Chief Financial Officer of Barr Pharmaceuticals, and Frederick Killion will continue as General Counsel of Barr Pharmaceuticals
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