Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) continues to accumulate shares in takeover target Mylan (MYL), even as Mylan’s largest shareholder, Abbott Labs (NYSE: ABT), announced its support for Mylan’s own $34 billion bid to buy Perrigo Company (NYSE:PRGO; TASE:PRGO), in effect rejecting Teva’s bid.
Yesterday, Teva bought another 2 million Mylan shares for close to $150 million, reaching a holding of 4.3% in its generic drugs competitor. Teva is thus nearing the 4.6% threshold required to give it standing in any legal proceedings over its bid in the Netherlands, where Mylan is registered. Teva’s stake in Mylan is now worth over $1.5 billion…
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Published by Globes [online], Israel business news – www.globes-online.com
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