Surprise, surprise.
Mylan, the US drugmaker, on Monday rejected a $40bn unsolicited approach from Israeli pharmaceutical company Teva.
Mylan, which is busy with its own pursuit of rival Perrigo, said Teva’s $82-a-share offer “grossly undervalues” the company and “did not meet any of the key criteria” that would give it reason to depart from its standalone strategy.
Robert J. Coury, Mylan’s executive chairman, said in a statement:
After thorough consideration, Mylan’s Board unanimously determined that Teva’s proposal grossly undervalues Mylan, and would require Mylan’s shareholders to accept what we believe are low-quality Teva shares in exchange for their high-quality Mylan shares in a transaction that lacks industrial logic and carries significant global antitrust risk.
The rejection comes just days after Perrigo rebuffed Mylan’s increased offer and further complicates the three-way takeover tussle between the three companies.
An acquisition of Perrigo would give Mylan a big over-the-counter drugs business while also widening its portfolio of generic prescription medicines. Mylan said it expected a combination with Perrigo would result in at least $800m of annual pre-tax cost savings.
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