Meda succumbs to Mylan advances, accepting its $7.2 billion takeover deal
Netherlands-incorporated drugmaker Mylan (Nasdaq: MYL) has announced a public offer to shareholders of Sweden’s Meda (OMX: MEDA A) to acquire all the shares of the company, in a deal worth a total of $7.2 billion ($9.9 billion including debt. Mylan also presented financial results for 2015.
Mylan is offering each Meda shareholder: in respect of 80% of the number of Meda shares tendered by such shareholder, 165 Swedish kronor ($19.62) in cash per Meda share and the remaining 20% comprising of shares.
The Meda board of directors, which has twice rejected Mylan’s takeover overtures as undervaluing the company, has recommended shareholders to accept the deal, which comes at a 92% premium to Meda’s closing share price of 86.05 kronor on Wednesday.
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