Teva Takes 4.6% Stake in Mylan as Takeover Battle Continues
As part of its efforts to acquire Mylan N.V., Teva Pharmaceutical Industries Ltd. has purchased 4.61% of all outstanding shares of Mylan N.V., which will enable Teva to commence proceedings before the Dutch Enterprise Chamber, a special division of the Amsterdam Court of Appeal. Teva’s decision to acquire a stake in Mylan follows its approximate $43 billion proposal to acquire Mylan, a deal first announced in April 2015 that Mylan has rejected thus far. Mylan N.V. is registered in the Netherlands and is operationally headquartered in the Hertfordshire, England, and Pittsburgh, Pennsylvania.
The battle between Teva and Mylan comes at the same time as Mylan seeks to acquire Perrigo. Mylan issued a proposal to acquire Perrigo in April 2015 for $28.9 billion, and then later increased its offer in a proposed deal that Perrigo has thus far rejected.
Teva’s decision to acquire a stake in Mylan enables the company to begin legal proceedings in the Dutch court regarding its takeover proposal if necessary.It follows an announcement by Abbott Laboratories’, Mylan’s largest shareholder with a 14.5% share, that it intends to support Mylan’s offer to acquire Perrigo and vote in favor of the acquisition at Mylan’s upcoming shareholder meeting
Teva 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% of the outstanding shares of Mylan.
Source: Teva Pharmaceutical Industries