Mylan NV Shares Jump On $40 Billion Bid From Teva Pharmaceutical Industries Ltd

Mylan NV

gained more than 8 percent Tuesday on news of an $82-a-share cash and stock offer from Teva Pharmaceutical Industries Ltd.

. http://www.tevapharm.com/news/?itemid=%7B09899F6B-9F12-4050-959E-CAB037AD14DB%7D Mylan changed hands recently at $73.75, up $5.71; Teva gained $1.74 to $65.03. Perrigo Co. plc

, target of a recent, $28.9 billion unsolicited offer from Mylan, fell more than 2 percent to $193.84. http://www.mylan.com/news/press-releases/item?id=123296 Teva said its offer, valued at $40 billion, is "more attractive" for Mylan shareholders than Mylan's proposed acquisition of Perrigo. But Mylan said a Teva bid would be "without sound industrial logic or cultural fit," adding that Mylan is "fully committed to its stand-alone strategy." http://www.mylan.com/news/press-releases/item?id=123300 Mylan, which made the comments Friday in response responding to unconfirmed reports that a Teva offer was pending, added that the deal is unlikely to pass antitrust muster but that its board would "carefully consider" any offer. Teva said its bid, which is 50-50 cash and stock, would provide a substantial premium and "significant potential for future value creation through participation in a financially and commercially stronger company." The combined companies would form the world's largest generic drug maker by sales, according to The Wall Street Journal.