BARR FILES FORMAL TAKOVER OFFER FOR CROATIAN DRUGMAKER

Barr Laboratories has filed a formal tender offer with Croatian regulators to purchase generic firm Pliva.

In adherence with Croatian law, Barr cannot discuss the specifics of the bid until the Croatian Financial Services Supervisory Agency (HANFA) has approved the offer and Barr publishes the terms of its offer in the Croatian media. HANFA has 14 days to review the bid but could extend the review an additional 30 days.

Pliva last month accepted Barr's offer to buy the company for $2.2 billion. If approved, it would make Barr the third-largest generic drugmaker in the world, according to the company.

"Once our approval is received, and our formal bid published, we are committed to communicating the benefits of the combination of Pliva and Barr to all shareholders through company press releases, however, we intend to comply with HANFA's request that bidders not communicate to shareholders between now and the closing of the tender offer," Barr CEO and Chairman Bruce Downey said in a statement.

Barr, which is currently working with the FTC to resolve any antitrust concerns, said July 24 it planned to file its bid with Croatian regulators without waiting for FTC approval because it is confident it can meet the commission's conditions.