Three Way Takeover Battle: Teva doesn’t take NO as an answer

TEVA ,   EREZ VIGODMAN Robert-J-Coury-1 Mylan 320X=p

Teva Pharmaceutical Industries Ltd, an Israeli-based company, has acquired a 1.35 percent stake in Mylan through purchases on the open market, increasing pressure on its rival’s management to come to the table for negotiations on a takeover.

Teva reported yesterday that it had bought stake in Mylan at prices generally between $69 and $71 per share. Mylan’s current market cap is about $34 billion, so Teva’s stake is worth some $450 million.

“Acquiring shares of Mylan underscore our commitment to consummating a transaction as soon as possible, ” Teva said in a statement.

Earlier this year, Teva offered roughly $40 billion to buy Mylan, disrupting the latter’s own attempt to purchase Perrigo. Mylan has dismissed Teva’s overtures.

In response to Teva’s bid, Mylan chairman Robert Coury wrote a humiliating letter to Teva CEO Erez Vigodman, which, among other things, said, “While I recognize that you are fairly new to your position, I cannot ignore the fact that you were present on Teva’s Board during some of the company’s most turbulent and ‘dysfunctional’ times.”

To complete the story, Mylan chairman Robert Coury told investors that he was still of the view that an acquisition by Teva was unwelcome, and remarked that Mylan may even consider buying  Teva.

On the other hand, Mylan has itself made a $33 billion bid for US-Israeli pharmaceuticals company Perrigo (PRGO). Perrigo has rejected but later CEO Joseph Papa said: it is a question of price..

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