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news.Barr Pharmaceuticals has formally published its tender offer for the purchase of 100% of the shares of Pliva. The formal publication of the bid initiates the tender process, which is expected to take a minimum of 30 days following publication.
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Barr is battling Iceland’s Actavis 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 coming in slightly higher than the rival offer.
If Actavis publishes its own formal offer for Pliva, Barr will be permitted to extend its tender offer period until the conclusion of the tender offer period of the competing bid.
In order to close the tender, Barr will have to accumulate more than 50% of Pliva shares.
“With the tender process now underway, Barr is committed to the successful acquisition of Pliva,” said Bruce Downey, Barr’s chairman and CEO.