Sweden's Meda rejects Mylan's takeover overture
After a day of rumor and speculation about a takeover approach from US generic firm Mylan (Nasdaq: MYL), Swedish drugmaker Meda (OMX: MEDA A) issued a statement confirming that it has been contacted by Mylan regarding an indicative proposal to combine the two businesses.
However, it stated: “The Board has convened and has decided to reject the proposal. All continued discussions between Meda and Mylan have been terminated without further actions.” There has been no comment from Mylan.
Shares in Meda, trading of which had been halted temporarily, closed up 14% at 110.6 Swedish kronor, giving the company a market capitalization of around 33.4 billion kronor ($5.1 billion). Any offer from Mylan would have had to be at a significant premium, according to analysts. Mylan stock rose 4.2% to $51.94.
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