London (IFN) Icelandic generic drug maker Actavis has decided to increase its indicative offer for Croatian rival Pliva by 11% to HRK630 in cash per share, valuing the company at USD1.85 billion, Actavis said on Thursday.
Actavis said the offer represents a 63% premium to the average Pliva share price during the last twelve months prior to March 7, and added that the bid was final.
"If we cannot start to work with Pliva's management and advisors very soon we will be forced to pursue our strategic objectives by looking for opportunities elsewhere," Actavis chief executive Robert Wessman said.
Actavis said it plans to increase the number of employees in Croatia. It also plans to increase production and research and development activities in the country, which will ultimately lead to more jobs in the region.
Actavis said Pliva will become the headquarters for a substantial part of the enlarged business. The company said it will also seek a stock listing in Zagreb, Croatia.
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