Mylan wants to block Teva, Teva wants to block Mylan
Staff writer ▼ | July 24, 2015
A Dutch foundation linked to Mylan used a poison pill to try and block a $40 billion takeover bid by Teva, citing potential job losses.Article continues below
Stichting Preferred Shares Mylan said it had exercised a call option allowing it to buy 50 percent of Mylan's total issued and outstanding capital, giving it temporary control of half the company.
The foundation which can exercise the call option to safeguard the company's "stakeholder interests" said a Teva takeover would likely lead to redundancies at Mylan and reduce access to cheap generic medicines in emerging markets.
"Mylan follows a strategy of using financial leverage and retained profits to fuel further growth, whereas Teva has implemented a strategy of regular dividend payouts, a focus on cost control and product portfolio rationalization," it said.
Teva said in a statement it had the power to challenge the foundation's action in court, and that it would "take the necessary actions at the appropriate time". Previous legal moves against Dutch preference share foundations - designed to block unsolicited takeover attempts - have had mixed success.
Mylan has been rebuffing Teva's takeover bids, including one in April for $40 billion. Meanwhile, Mylan has pressed on with a $34 billion hostile bid for Perrigo.
Teva, which has acquired a 4.6 percent stake in Mylan, also wants to use its stake to oppose Mylan's bid for Perrigo. ■ What to read next
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