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Mylan’s CEO on Teva “They are getting ready to go off the cliff”

Three Way Takeover Battle: believes their offer will win approval from Perrigo stockholders.

(L- R)  Joseph Papa (Perrigo),   Heather Bresch (Maylen) ,   Erez Vigodman (Teva)

“We just don’t think Teva is the right company” to combine with, “They are getting ready to go off the cliff, ” Mylan NV, CEO Heather Bresch said Friday at a conference in New York City hosted by Sanford Bernstein, the Pittsburgh Post-Gazette report.

Ms. Bresch added that joining with Teva might make sense, but only if Mylan’s management team were in charge.

According the report, when she asked what Teva might do next, she replied, “I have no idea what Teva is thinking, ”.

The question refers to the Israeli rival, Teva Pharmaceutical Industries, unsolicited takeover offer which Mylan is hoping to fend off.

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.

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.”

On May 28th Teva reported that it had bought a stake in Mylan at prices generally between $69 and $71 per share. Mylan’s current market cap is about $34 billion. Teva’s stake is worth some $450 million.

“The goal is to get a shareholder vote as soon as we can, ” She said according the report, “If it receives the nod from Mylan shareholders, the company plans to take its proposal to Perrigo shareholders”.

Perrigo’s CEO Joseph Papa on May 19th said that he is ready to talk with Mylan about its takeover bid, but at a higher price. The rival drugmaker’s present bid is nowhere near there. Mr. Papa said at an investor meeting hosted by UBS AG in New York.

Perrigo ,  which specializes in store brand over-the-counter medications, last month rejected Mylan’s offer of $75 in cash and 2.3 Mylan shares for each Perrigo share, which had a value of about $32.7 billion.

Ms. Bresch believes their offer will win approval from Perrigo stockholders. “We think it’s a very fair and compelling offer, ” she said. “We believe Perrigo shareholders are very happy with the offer on the table. I still believe that could happen”.

“Absolutely, ” she said when asked if Mylan might revise its bid, according to Pittsburgh Post-Gazette report.

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