Update: Mylan formally rebuffs Teva’s unsolicited takeover bid
As was widely expected given previous comments, Netherlands-incorporated generics firm Mylan (Nasdaq: MYL) has formally rejected the unsolicited $40.1 billion, or $82 per share, 50% each in cash and stock, from Israel-based larger rival Teva Pharmaceutical Industries (NYSE: TEVA) that was announced earlier this month.
Following the announcement, Mylan’s shares dropped 45 to $73.09, while Teva's stock was down 3% to $24.65 in early trading this morning.
After a comprehensive review conducted in consultation with its financial and legal advisors, the Mylan board of directors unanimously concluded the approach did not meet any of the key criteria that would cause the Mylan board to depart from the company's successful and longstanding standalone strategy, and consider engaging in discussions to sell the company, the Mylan statement declared.
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