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Teva buys 1.35% of Mylan's stock

Staff writer |
Teva Pharmaceutical has gone on to purchase 1.35% of Mylan's stock in the open market, in a move that shows Teva has no intention of backing down from pursuing Mylan for a takeover.

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The stock purchase, which was made through more than 13,000 transactions, ranged from over $69 to less than $71 per share, according to the filing with the Irish Takeover Panel.

The price range in which the shares were bought was lower than Teva's proposed acquisition price last month of a cash-and-stock offer of $82 per share. Mylan, however, had rejected the bid, claiming that it undervalued the company.

Teva said the stake it has bought in Mylan, albeit small, does underscore its commitment to the Mylan deal, as reported by Bloomberg. The company, which is the world’s largest seller of generics, also said that it is ready to meet with Mylan’s advisors to discuss the potential sale of the business.

Teva has been pursuing Mylan with a $43 billion cash-and-stock offer since April.

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