Actavis Group has submitted an improved proposal to Croation drugmaker Pliva and has served a notice of intention to publish a public offer under Croatian Takeover Law.
The decision to increase the offer price follows Actavis' due diligence review, which identified greater potential synergies than previously anticipated. The merger would create the third largest generics company in the world.
As per Actavis'
proposal, it intends to retain the Pliva name in Croatia and to transfer production
to Croatia from existing sites in various countries, enhancing its low-cost manufacturing
capabilities and creating more opportunities for management and employment in
Croatia. Actavis has integrated over 20 acquisitions in the last seven years.