Meda could be subject of bidding war after Mylan's increased offer; Meda expected to respond today
Meda, the Swedish, pharmaceuticals company, may end up being the subject of a bidding war, Dagens Industri reported.
This comes after reports on Friday saying that US-based Mylan has now offered SEK 145 (EUR 15.9) per share for Meda. The Swedish business daily cited an unnamed source who said a bidding war may occur for Meda but added that nothing specific has occurred as yet to indicate it.
The paper pointed at Valeant as a possible bidder for Meda, especially considering the Canadian company’s new incoming board member, Meda’s ex-CEO Anders Lonner. The paper added, however, that Valeant made a USD 45bn offer for California-based Allergan last week which could reduce the possibility of an offer for Meda. The article also noted that the Indian Sun Pharma and unnamed Chinese players could be possible bidders for Meda.
Meanwhile, the paper reported that it is still uncertain whether Meda’s major shareholder, the Swedish Olsson family and its company Stena Sessan, will accept Mylan’s offer. Unnamed sources told the paper that Mylan believes the new offer to be better than other similar deals. There is hope that Stena might be convinced by other shareholders to accept if it turns out that Stena is still disinterested with the new offer, the article added.
The item noted that neither Stena’s Dan Sten Olsson nor Sessan’s Managing Director Bert-Ake Eriksson wished to comment on the matter. The paper wrote Meda is expected to release some sort of response to Mylan’s offer today.
Source Dagens Industri