Teva Said Planning to Raise Mylan Bid to $86-$88/Share This Week
2015-07-06 16:17:39.188 GMT
By Ed Hammond and David Wainer
(Bloomberg) -- Teva Pharmaceutical Industries Ltd. is
preparing to raise its bid for rival drugmaker Mylan NV by as
much as $2 billion, to $43 billion, and may announce the
improved proposal as soon as this week, people with knowledge of
the matter said.
Teva may offer $86 to $88 a share for Mylan, said the
people, who asked not to be identified because the information
is private. That compares with the $82 a share Teva offered in
April, a price that valued the Canonsburg, Pennsylvania-based
company at about $40.1 billion. Mylan had a market value of
about $34.4 billion as of last week’s close.
Unlike its previous expression of interest, Teva plans to
make the next offer formal as it seeks to thwart the U.S.
drugmaker’s pursuit of Perrigo Co., the people said. Mylan is
planning to hold a shareholder meeting this summer to vote on
its Perrigo proposal, and an offer from Teva would pose an
alternative for proxy firms advising Mylan shareholders.
A new takeover proposal at the level Teva is contemplating
would mark the drug industry’s largest this year and signal an
intensifying battle for pharmaceutical assets that threatens to
become increasingly hostile.
Teva’s approach in April was based on the condition that
Mylan drop its bid for Perrigo. Mylan instead raised its offer
for the Dublin-based company to $32.7 billion, its third
proposal to be rebuffed.
Representatives for the companies declined to comment.
For Related News and Information:
Mylan Takes Fight to Teva’s Home Turf With Perrigo Meetings
Teva Buying Mylan Stock May Portend Showdown at Investor Meeting
Battle for Biggest Pharma Deal May Play Out in Dutch Court
Teva earnings graph: TEVA IT <Equity> FA ISBAR <GO>
Mylan product data: MYL US <Equity> FA PROD <GO>
Top health-industry news: TOP HEA <GO>
To contact the reporters on this story:
Ed Hammond in New York at +1-212-617-1963 or
ehammond12@bloomberg.net;
David Wainer in Tel Aviv at +972-3-542-7110 or
dwainer3@bloomberg.net
To contact the editors responsible for this story:
Jeffrey McCracken at +1-212-617-8517 or
jmccracken3@bloomberg.net
Elizabeth Wollman, Crayton Harrison
2015-07-06 16:17:39.188 GMT
By Ed Hammond and David Wainer
(Bloomberg) -- Teva Pharmaceutical Industries Ltd. is
preparing to raise its bid for rival drugmaker Mylan NV by as
much as $2 billion, to $43 billion, and may announce the
improved proposal as soon as this week, people with knowledge of
the matter said.
Teva may offer $86 to $88 a share for Mylan, said the
people, who asked not to be identified because the information
is private. That compares with the $82 a share Teva offered in
April, a price that valued the Canonsburg, Pennsylvania-based
company at about $40.1 billion. Mylan had a market value of
about $34.4 billion as of last week’s close.
Unlike its previous expression of interest, Teva plans to
make the next offer formal as it seeks to thwart the U.S.
drugmaker’s pursuit of Perrigo Co., the people said. Mylan is
planning to hold a shareholder meeting this summer to vote on
its Perrigo proposal, and an offer from Teva would pose an
alternative for proxy firms advising Mylan shareholders.
A new takeover proposal at the level Teva is contemplating
would mark the drug industry’s largest this year and signal an
intensifying battle for pharmaceutical assets that threatens to
become increasingly hostile.
Teva’s approach in April was based on the condition that
Mylan drop its bid for Perrigo. Mylan instead raised its offer
for the Dublin-based company to $32.7 billion, its third
proposal to be rebuffed.
Representatives for the companies declined to comment.
For Related News and Information:
Mylan Takes Fight to Teva’s Home Turf With Perrigo Meetings
Teva Buying Mylan Stock May Portend Showdown at Investor Meeting
Battle for Biggest Pharma Deal May Play Out in Dutch Court
Teva earnings graph: TEVA IT <Equity> FA ISBAR <GO>
Mylan product data: MYL US <Equity> FA PROD <GO>
Top health-industry news: TOP HEA <GO>
To contact the reporters on this story:
Ed Hammond in New York at +1-212-617-1963 or
ehammond12@bloomberg.net;
David Wainer in Tel Aviv at +972-3-542-7110 or
dwainer3@bloomberg.net
To contact the editors responsible for this story:
Jeffrey McCracken at +1-212-617-8517 or
jmccracken3@bloomberg.net
Elizabeth Wollman, Crayton Harrison