Mylan Rejects $40 Billion Teva Takeover Offer, Calls Stock ‘Low-Quality’
ByGeneric drug-maker Mylan MYL -5.64% doesn’t appear to be very interested in a $40 billion takeover offer floated by competitor Teva Pharmaceuticals. On Monday, Mylan rejected the offer in a strongly-worded letter that characterized Teva as a ‘low quality’ stock and further stated the proposed deal lacks industrial logic and carries significant antitrust risk.
“Simply put, the Mylan Board has no interest in considering an expression of interest that, based on our evaluation of the factors below, requires Mylan shareholders to accept what we believe is low-quality and high-risk currency in the form of Teva shares in exchange for their higher-quality and lower-risk Mylan shares in a transaction that lacks sound industrial logic and is likely to be significantly value and growth destructive,” Mylan said on Monday…
Mylan Rejects $40 Billion Teva Takeover Offer, Calls Stock ‘Low-Quality’
