BARR'S $2.5 BILLION TENDER OFFER FOR PLIVA APPROVED FOR PUBLICATION

Barr Pharmaceuticals today announced that the Croatian Financial Services Supervisory Agency (HANFA) has approved for publication its amended tender offer for the purchase of 100 percent of the shares of Pliva, based in Zagreb, Croatia. Under the terms of the formal $2.5 billion cash tender offer, Pliva shareholders who tender their shares would receive HRK 820, or approximately $141, per share in cash.

In accordance with Croatian takeover law and HANFA instructions, Barr anticipates that its formal offer will be published in major Croatian newspapers, including the Official Gazette, this week. The company's previous bid of $2.3 billion, or approximately $128 per share, in cash was published Aug. 18, initiating the company's 30-day tender process. On Sept. 4, a competing bid by Actavis of $2.5 billion, or approximately $137 per share, in cash was published in the Official Gazette. With today's approval of Barr's amended bid by HANFA, the tender offer period is now expected to expire on Oct. 11.

The company's ability to close its tender offer is only dependent on Barr receiving acceptances that result in the company holding more than 50 percent of Pliva's shares.