Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) is planning to raise its bid for generic pharmaceutical rival Mylan NV by as much as $2 billion, to $43 billion, "Bloomberg" reports. "Bloomberg" adds that the Israeli company may announce the improved proposal as soon as this week, according to people with knowledge of the matter.
Teva may offer $86 to $88 a share for Mylan, the sources told "Bloomberg," asking not to be identified because the information is private. That compares with the $82 a share Teva offered in April, a price that valued Mylan at about $40.1 billion. Mylan had a market value of about $34.4 billion as of last week’s close.
In contrast to its previous expression of interest, Teva plans to make the next offer formal as it seeks to thwart the drugmaker’s bid for Perrigo Company (NYSE:PRGO; TASE:PRGO).
"Bloomberg" added that Mylan is planning to hold a shareholder meeting this summer to vote on its Perrigo proposal, and an offer from Teva would pose an alternative for proxy firms advising Mylan shareholders.
Teva’s initial offer in April was contingent on Mylan dropping its bid for Perrigo. Mylan instead raised its offer for the Dublin-based company to $32.7 billion, its third proposal to be rebuffed.
The companies declined to comment.
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2015
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