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Mylan rejects Teva Pharma offer
27 Apr 2015 15:03
Mylan has today rejected Teva Pharmaceutical Industries' unsolicited $40 billion takeover offer, but left the door open for talks.
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"Our board will certainly not consider engaging in discussions to sell the company unless the starting point of the discussions is significantly in excess of $100 per share," Mylan said.
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Teva, the world's biggest maker of generic drugs, has offered $82 per share in cash and stock for Mylan.
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However, Mylan said a combination with Teva would expose it to a "problematic culture and leadership with poor record of delivering shareholder value."
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Mylan also said it remained committed to its offer for Perrigo.
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Last week, Mylan said it would take its $31 billion offer for Perrigo directly to shareholders, in what is set to be one of the most high-profile hostile takeover attempts of the year.
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Mylan's pursuit of Perrigo, a major producer of over-the-counter drugs, is widely seen as an attempt to fend off Teva.
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