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news.Iceland's Actavis group has officially notified the Croatian Agency for Supervision of Financial Services of its intention to launch a takeover bid for Croatian generic drug maker Pliva.
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Actavis needs to gain approval from the Croatian financial authorities in order to proceed with its takeover bid.
Actavis has submitted a proposal to pay Pliva shareholders a total of 735 kuna per share. This compares to a 755 kuna offer made by US-based generics company Barr Pharmaceuticals.
Barr remains the most likely to gain control of the company, however Actavis has recently raised its stake in Pliva to 20.4%. The Actavis-owned stake, combined with the 18% stake owned by the Croatian government, could make it difficult for Barr to acquire the 50.1% stake it needs to complete its takeover.
The company that eventually wins the biding war for Pliva will become the third biggest player in the generics market.