Mylan unanimously rejects Teva´s takeover bid
The board of pharmaceutical group Mylan has unanimously rejected a $40.1bn takeover offer from Teva Pharmaceutical (£26.3bn).
Mylan Inc.
$0.00
19:30 08/12/22
Nasdaq 100
17,037.65
11:15 19/04/24
The New York-listed group said the offer was too low and did not address the difficulties of merging businesses with different cultures.
Mylan said it will not enter negotiations to sell its business unless it receives an improved offer of “significantly more” than $100 a share compared with the $82 a share in cash and stock Teva offered last week.
“The Mylan board concluded the approach did not meet any of the key criteria that would cause the Mylan board to depart from the company’s successful and longstanding standalone strategy, and consider engaging in discussions to sell,” Mylan said in a statement.
Mylan last week said it had submitted a $31.2bn bid for sector peer Perrigo, claiming the merger would be more complementary in terms of products and regional assets as both groups have operational headquarters in the US, while Teva is based in Israel.
However, the Israeli group said it was prepared to meet with Mylan in the hope of reaching an agreement.
On Monday, as of 16:49 in London, Mylan shares were down 3.56% to $73.35, while Teva shares slipped 2.75% to $62.64 and Perrigo fell 0.46% to $192.01.