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Mylan rejected takeover bid for 40.1 billion USD from Teva

Noam Stiekema

The board of directors of the American pharmaceutical company Mylan NV rejected takeover bid for 40.1 billion USD from Israel-based Teva Pharmaceutical Industries Ltd., stating that it is too low and does not reflect the difficulties of combining companies with different cultures The board will not discuss offers to sell the company, unless they are […]

Mylan rejected takeover bid

Mylan rejected takeover bidThe board of directors of the American pharmaceutical company Mylan NV rejected takeover bid for 40.1 billion USD from Israel-based Teva Pharmaceutical Industries Ltd., stating that it is too low and does not reflect the difficulties of combining companies with different cultures The board will not discuss offers to sell the company, unless they are significantly more than 100 USD per share, Mylan said in a statement Monday. Last week, Teva offered 82 USD per share in cash and stock. Teva announced in a statement that the company is ready to meet with Mylan and quickly complete the transaction.

In a letter accompanying the statement of Mylan, Chairman of the Board Robert Coury described the meeting with the CEO of Teva Erez Vigodman in New York last Friday. Coury said that they discussed “many difficulties to Teva in the last few years”, including competition in generics, turnover in senior management and the search for new sources of growth.

Mylan turn pursue hostile takeover of pharmaceutical Perrigo to 31.2 billion USD, saying that the deal will be complementary in terms of products and regional assets. Mylan and Perrigo have operational headquarters in USA, but are registered in Europe for tax purposes.

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