Teva's building up of its Mylan stake testifies to its determination to go through with the $40 billion acquisition.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has raised its stake in generics rival Mylan N.V. (MYL) to 3%. The Israeli company bought about 1.3 million shares yesterday for close to $100 million and has now paid about $1.1 billion for 14.9 million shares.
The latest share purchases are part of Teva's efforts to take over Mylan for which it bid more than $40 billion last month.
Teva's building up of its Mylan stake testifies to its determination to go through with the acquisition and puts it in a strong position ahead of the shareholders meeting to vote on Teva's offer.
Mylan has accused Teva of violating US antitrust laws, which prohibits acquiring more than $76.3 million worth of shares of a rival without gaining prior approval. However, Mylan recently moved its headquarters from the US to the Netherlands, although it still claims it is entitled to protection by US antitrust legislation.
Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2015
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