Mylan uses independent foundation to block Teva's hostile takeover attempts

24 July 2015
mergers-acquisitions-big

Generics specialist Mylan (Nasdaq: MYL) has moved to block a hostile takeover bid by Israeli company Teva Pharmaceutical Industries (NYSE: TEVA) by setting up an independent Dutch foundation which has exercised its call option to acquire preferred shares in Mylan.

Stichting Preferred Shares Mylan has been set up as a method of preventing the takeover by Teva. It can issue and acquire preference shares in Mylan when it deems its stakeholder interests are at risk, and plans to use its voting rights to oppose the Teva bid.

The foundation said: "Mylan and Teva, although both large and successful players in the global market for generic products, have a highly dissimilar business approach, culture, financial model and related management compensation schemes.” It will acquire 488,388,431 Mylan preferred shares, allowing it to control half the company, but will not keep the shares any longer than necessary.

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK

Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight





More Features in Generics