The new offer from Actavis is worth 795 kuna per share compared with the 743 kuna per share offer currently on the table from US-based Barr. Before the new development, Barr had seemed the favorite to acquire the company, with the Pliva board indicating a preference for the Barr offer. However, the new Actavis offer may have tipped the balance in favor of the Icelandic company.
Barr said in a statement that it is now evaluating the new competing bid from Actavis and will respond to it no later than September 8th 2006.
The company which finally wins control of Pliva will become the world’s third largest maker of generic pharmaceutical products, and will gain valuable access to the emerging eastern European market.
The bidding war began after Actavis made a hostile takeover bid for the company of 570 kuna per share in March 2006.