Abstract
Teva Pharmaceutical Industries, the world’s largest generic drug firm, has proposed a $40 billion takeover of its fourth-ranked rival, Europe-based Mylan. The Israeli drugmaker is offering Mylan’s shareholders a 50:50 combination of cash and stock at a 38% premium to Mylan’s early-April stock price. Teva is pitching the deal as an alternative to Mylan’s own unsolicited, and recently rejected, $29 billion bid for the generic drug maker Perrigo. Mylan had not commented on Teva’s hostile offer as of late last week but did remark earlier about speculation that it might happen. “Mylan is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo,” Mylan Executive Chairman Robert J. Coury said. He argued that a combination of Mylan and Teva is “without sound industrial logic or cultural fit.” Teva insists that its offer is the better option. “Our proposal would provide Teva stockholders with very attractive strategic and financial ...
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