Mylan’s Board has slammed Teva’s US$40bn bid for the generics business as grossly undervaluing it. Teva said the tie-up would create a generics business with a US$30 billion turnover. Mylan’s Chairman, Robert Coury, wrote to the Israeli-based generics company, saying Mylan would not consider an offer unless significantly above US$100 per share. Teva’s offer was US$82 per share in a 50/50 cash/stock deal.
Coury said, “We also believe that the proposal does not address the serious challenges of integrating two fundamentally different and conflicting cultures under a Teva Board and leadership team with a poor record of delivering sustainable shareholder value.”