Seeking to avoid being a takeover itself, Mylan (MYL) raised its offer for Perrigo (PRGO), which promptly rejected the bid, saying the proposal was worse than before. Generic drugmaker Mylan bid $60 cash and 2.2 Mylan shares for each share of Perrigo. That was worth 227.33 at Friday’s close, higher than its informal offer of $205 in unspecified cash and stock. Perrigo took little time in reject the bid saying in reality it was “lower than the
Israeli drug giant Teva Pharmaceutical Industries (TEVA) made its long-awaited bid for competitor Mylan on Tuesday, offering $82 a share, or $40.1 billion. Both stocks rose on the news. Teva’s proposal, half cash and half stock, was unsolicited by Mylan (MYL), which adopted a poison-pill provision this month after initial reports of Teva’s interest emerged. On April 8, Mylan made its own unsolicited bid for fellow generic-drug maker Perrigo (PRGO)
Teva Pharmaceutical Industries (TEVA) made a long-rumored bid for smaller generics rival Mylan (MYL) on Tuesday — 82 a share. Both stocks rose in pre-market trading. But over-the-counter products maker Perrigo (PRGO), which has an offer from Mylan, fell in early trading. Israeli-based Teva offered to buy Mylan for $40.1 billion, or 82 a share, in equal parts cash and stock. “The proposed combination of Teva and Mylan would create a leading company