Bernstein Believes Mylan Could Offer $22/Share for Warner Chilcott, Calls Deal with Actavis More Likely

Bernstein analyst Aaron Gal issued a note Tuesday morning suggesting Warner Chilcott's

"willingness" for an all-share deal could cause other suitors to jump in for a possible bid. The analyst also pointed to benefits from tax synergies. The analyst said Mylan

could potentially offer Warner Chilcott $22 per share. Actavis's

current bid is at $20.08 per share. That being said, Gal believes a deal between Actavis and Warner is much closer to fruition than a Mylan deal. Gal said Actavis could move into the $130 per share range amid the deal.