Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has completed first step to buy its rival Mylan N.V. (Nasdaq: MYL). The Israeli giant announced on Friday that it has completed the purchase of a 4.61% stake in Mylan, which gives it legal standing in the Netherlands where Mylan is based.
Teva says the it will enable Teva to commence proceedings before the Dutch Enterprise Chamber, should it become necessary.
Teva added that it “has advised Stichting Preferred Shares Mylan that if the Mylan Extraordinary General Meeting (“EGM”) on the Perrigo transaction is held no later than August 31, 2015, Teva will limit its aggregate shareholding in Mylan prior to the EGM to less than 5 percent of the outstanding shares of Mylan”.
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Teva bid over $40 billion to acquire Mylan. Mylen is not interested to be acquired by Teva. On the other hand, Mylan has bid $34 billion to acquire Perrigo Company (NYSE:PRGO; TASE:PRGO). Perrigo says it is only question of price.
Barclays and Greenhill & Co. are serving as financial advisors to Teva. Sullivan & Cromwell LLP is serving as legal counsel to Teva, with De Brauw Blackstone Westbroek N.V. acting as legal advisor in the Netherlands.
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