Will drug company Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) succeed in its attempted hostile takeover of rival Mylan (MYL), or will it be Mylan that succeeds in its own hostile takeover bid for Perrigo (PRGO)? If the statistics are anything to go by, the chances are that both attempts will fail.
A study by Credit Suisse indicates that, since 1995, only 38% of hostile takeover bids have proved successful. According to the study, the size of the deal makes no difference to the chances of success, but it does point out that no hostile takeover bid over $10 billion has been successfully completed since Amgen acquired biotechnology company Onyx two years ago.
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Mylan is attempting to take over Perrigo in a deal that would be worth over $34 billion. Perrigo’s board opposes the bid, but Mylan plans to convene a shareholders’ meeting to approve it early in the third quarter. At the same time, Teva seeks to take over Mylan in an even larger deal, of over $40 billion, and Mylan’s board opposes this adamantly. Completion of the Teva-Mylan deal is conditional on the Mylan-Perrigo deal not going ahead…
Published by Globes [online], Israel business news – www.globes-online.com
Search Results for: Mylan
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