Consequently, the company said that it will not include an FTC approval condition in the formal tender offer it intends to file with the Croatian Financial Services Supervisory Agency (HANFA) later this week.
Barr is battling Iceland’s Activis for control of the Croatian generic drug maker. However, Barr remains the favorite to complete the $2.3 billion deal with its 755 kuna per share bid for the company slightly higher than the rival offer.
“As we anticipated, FTC issues related to this transaction were minimal, as there is very little overlap in our product lines, markets and operations,” said Bruce Downey, Barr’s chairman and CEO. “As a result of our discussions with the staff of the FTC and with third parties regarding divestiture agreements, we intend to proceed expeditiously in officially filing our tender offer in accordance with Croatian takeover law and HANFA’s instructions.”