ACTAVIS RAISES BID TO ACQUIRE PLIVA
Actavis, based in Iceland, has increased its offer to acquire the Croatian drugmaker Pliva to HRK 795, or approximately $139, per share in cash. The revised offer represents an increase of 10 percent over Actavis' previous offer and is 7 percent higher than the competing offer of HRK 743, or approximately $130, per share made by Barr Pharmaceuticals. The increased offer values the total issued share capital of Pliva at approximately $2.5 billion. In addition, Actavis also confirms that it now controls a total of 20.8 percent of Pliva 's share capital through a combination of share ownership and options to acquire shares.
Under the terms of Actavis' offer, Pliva shareholders will also receive a HRK 12 per share dividend determined by Pliva, representing a total cash payment of HRK 807, or approximately $141, per share. In connection with the offer, Actavis has also secured shareholder approval for an equity increase of 300 million shares.
"Our offer overwhelmingly represents the best option for all of Pliva's stakeholders: shareholders will receive a full and fair return on their investment as well as an opportunity to reinvest in the new entity following our listing on the Zagreb Stock Exchange; employees will enjoy greater opportunities from our increased investment and by becoming part of a global group with an excellent track record in integrating businesses and resolving operational issues; and the Croatian economy will benefit from the additional manufacturing and employment opportunities that we will bring to the region," Robert Wessman, Actavis' CEO, said.
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