ACTAVIS DROPS PLIVA TAKEOVER BID

The long-running game of escalating bids for control of Croatian generic drugmaker Pliva appears to be over as Actavis has folded its hand and left Barr Pharmaceuticals as the only player at the table.

Actavis announced Sept. 18 that it would not counter an offer Barr made for $141 per share, saying it considered its previous bid of $137 per share to be a "full and fair price." While the company said it reserves the right to re-enter the process, it is asking the Croatian Financial Services Supervisory Agency to release the guarantee it provided. The tender offer period is expected to expire on Oct. 11, according to Barr.

The bidding war increased Pliva's estimated value from the $1.6 billion initial offer from Actavis to the $2.5 billion Barr is currently promising. Both firms claim the acquisition would make them the third-largest generics manufacturer in the world.