PRAGUE (Dow Jones)--Centaurus Capital LLP, a minority shareholder of Pliva (PLVA.ZG), Thursday urged the Croation pharmaceuticals company to consider the revised offer by Icelandic Actavis (ACT.IC).
"Funds managed by Centaurus currently own approximately 2.4% of Pliva and Centaurus believes that the revised proposal, which represents a premium of 48% to the average three-month share price prior to bid speculation, is sufficiently attractive to merit serious consideration," Centaurus said in a statement.
Earlier Thursday, Actavis said it has revised its offer for Pliva to 630 kuna ($1=HRK5.9) a share, up 10.5% from HRK570 a share offered in mid-March.
Pliva officials haven't responded to repeated requests by phone and e-mail to comment on the revised offer.
Prior to the revised offer, Pliva officials had said the Actavis bid didn't reflect the Croatian company's value.
Actavis launched its unexpected bid for Pliva in March. Negotiations hit a roadblock after Pliva said the offer wasn't high enough but refused to open its financial accounts to a review by Actavis. The Icelandic company had made a review a precondition for a possible increase.
Actavis is among a number of generic drug makers seeking to buy smaller rivals worldwide, and the takeover of Pliva would push it to number three worldwide. Rising pressure to reduce drug prices and the imminent expiration of dozens of patents have increased the need for better economies of scale and triggered the wave of consolidation.
Company Web site: www.pliva.com
-By Leos Rousek, Dow Jones Newswires; +420 221 085 273; firstname.lastname@example.org
(END) Dow Jones Newswires