Mylan's $28.9 billion bid for Perrigo may make both drugmakers takeover targets, Bloomberg reported Thursday.
The offer came less than a week after Mylan implemented its own provision to defend against an unwanted takeover.
"The most interesting thing about this deal is that shares of the buyer and seller -- and all the associated companies -- have gone up, which means the valuation isn’t at a level where people are concerned yet," said Sanford C. Bernstein & Co. analyst Ronny Gal.
"I think what happens next is the board of Teva will meet and decide whether they want to enter the fray," Gal added.
He further noted that Johnson & Johnson or health-products distributor AmerisourceBergen could take a look.
According to Albert Fried & Co.’s Sachin Shah, Valeant could probably afford to make the biggest offer, due to its tax-advantaged structure