Three Way Takeover Battle – The End: Teva losing $300 million on Mylan stake

Teva bought its 4.6% stake in Mylan at prices of $69-74 per share. the share price is down sharply in premarket trading.

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Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has officially announced that it is withdrawing its bid to buy generic pharmaceuticals rival Mylan N.V. after agreeing to buy Allergan Generics for $40.5 billion. This leaves Teva with a 4.6% stake in Mylan, which it bought for about $1.6 billion, as part of its hostile takeover bid…

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Published by Globes [online], Israel business news – www.globes-online.com

 

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