Barr's $2.6B Pliva deal looks set to complete

The USA's Barr Pharmaceuticals' $2.6 billion all-cash takeover of Pliva looks set to go ahead as the firm now controls 70% of the Croatian drugmaker's stock. The formal tender offer period for the offer by Barr's European subsidiary to purchase 100% of the shares, has officially ended but the company expects to receive the final results of the tender on October 19, from the Central Depository Agency.

Under the terms of the deal, Pliva shareholders who tender their shares will receive 820 kunas per share in cash. The move resolves the bidding war between Barr and Iceland's Actavis to acquire the firm, which is seen as an important foothold in an emerging market.

According to information from the Croation CDA's website, Pliva shareholders have so far tendered 16,861,431 of their shares to Barr, representing more than 90% of the firm. Because the ability to close its offer is only conditional upon Barr receiving more than 50% of shares, the US firm expects to complete the transaction on October 25.