Reykjavik (IFN) Following Barr Pharmaceutical's increased offer for Croatian generic drug-maker Pliva, Iceland's Actavis announced on Monday that it has no plans to increase it's current offer for PLIVA.
The Board of Actavis believes that its current offer of HRK 795 per share represents a full and fair price for PLIVA's shares including synergies expected to be realized through the combination with Actavis. On this basis, Actavis has no plans to increase its offer for PLIVA at this stage, Actavis said.
Accordingly, Actavis will take the necessary steps to ask the Croatian Financial Services Supervisory Agency to release the guarantee that the Company has provided.
Actavis confirms that, as previously notified, it controls approximately 20.8% of the outstanding shares of PLIVA through direct ownership and option agreements. Actavis will continue to follow closely the progress of the bidding for PLIVA, and reserves the right to apply to re-enter the process, Actavis said.
In the meantime, Actavis will continue to build upon its strong underlying business and pursue other opportunities to deliver enhanced returns to shareholders.
?While we continue to believe that the combination of our two businesses would create one of the most exciting companies in our industry and a solid platform from which to achieve substantial future growth, we will not compromise our growth plans by overpaying for acquisitions despite very strong synergies," Actavis chief executive and president Robert Wessman said.
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