Mylan calls on Teva to "stop playing games," make formal offer

Mylan executive chairman Robert Coury said that Teva needs to make a formal, binding offer to acquire the company or not, after the Israeli drugmaker's $40.1-billion cash and stock proposal was rejected in April. In a letter to Teva CEO Erez Vigodman, Coury remarked "it is time for Teva and its board to stop playing games with our company, its business, mission and strategy and its stakeholders."

In rejecting Teva's proposal, Mylan said that it remains committed to a takeover of Perrigo, despite the latter rebufifng its interest. Mylan plans to hold a shareholder vote on the matter in the third quarter. Coury called Teva's offer for Mylan an attempt to interfere with that process, adding that the company "must stop pursuing what amounts to nothing more than an illusory alternative for our shareholders to the Perrigo transaction."

The executive chairman also accused the Israeli drugmaker of making misleading and false statements about its ability to close a deal given potential competition concerns over such a transaction.

Mylan also said that it believes that Teva's recent purchase of a 1.35-percent stake in the company violates US antitrust laws. Coury remarked "Teva has chosen to remain silent on its intentions with respect to using those shares," adding "we consider Teva's stakebuilding as a further indication of its intention to meddle with our business, strategy and mission while remaining unclear as to its actual intentions."

For related analysis, read ViewPoints: Come to Papa – Perrigo encourages another Mylan bid.

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