BARR ALLOWED TO GO FORWARD WITH PLIVA BID

Croatian regulators have approved the publication in the country's major national newspapers of Barr Laboratories' offer for Croatian generic drug firm Pliva, permitting the company to announce terms of the bid to Pliva shareholders, Barr announced.

Publication of the terms in Croatia's Official Gazette will initiate the formal tender process, which is expected to take at least 30 days after the terms are published and up to 60 days from the date that a competing bid is approved for publication. Barr anticipates that the offer will be published "at the earliest possible time."

Croatian law prohibited Barr from revealing the specifics of the offer until the Croatian Financial Services Supervisory Agency (HANFA) approved the offer and the terms are published in the Croatian media. Barr plans to offer shareholders HRK 755 ($133.50) per Pliva share. Croatian law stipulates that Barr can acquire Pliva only if it is able to buy more than 50 percent of the company's shares.

In June, Pliva accepted Barr's offer to buy the company for $2.2 billion. Acquiring Pliva would make Barr the third-largest generic drugmaker in the world, according to the company.