The results of the bidding will be known within two weeks.
"Bloomberg" reports this morning that Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is offering more than €4.5 billion, or $6.1 billion, for the generics division of German pharmaceutical company Merck KGaA. "Bloomberg" quoted two persons with knowledge of the process.
"Teva and Mylan Laboratories Inc. (NYSE: MYL) are the remaining contenders for the Merck unit after Apax Partners and Bain Capital LLC dropped out this week, said the people who declined to be identified," "Bloomberg" said. Either way, a decision on the winning offer will be announced within two weeks.
Last week, Teva published financials that beat the forecasts, and which reawakened interest as to whether Teva would go ahead with its bid for the Merck division and the price it would be willing to pay for it. WR Hambrecht noted in this regard that, “the cloud could be providing an artificially discounted stock at $40."
Published by Globes [online], Israel business news - www.globes.co.il - on May 7, 2007
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