BARR ANNOUNCES OFFER OF $2.2 BILLION FOR PLIVA

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Drugmaker Barr Pharmaceuticals has announced that the supervisory board of Croatia-based Pliva has endorsed Barr's proposal to make a tender offer to Pliva's shareholders to purchase 100% of the shares of the company for approximately $2.2 billion in cash.

Under the terms of its proposal, Barr would pay Pliva shareholders who tender their shares approximately $24.42 per share.

Barr anticipates that it will launch a tender offer for Pliva shares later this year, upon receiving Hart-Scott-Rodino clearance in the U.S., as well as a successful regulatory review in Germany and approval by the Croatian Agency for Supervision of Financial Services, the company said.