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Reuters: Teva set to raise stake in Mylan

  • Raising additional legal concerns, Teva Pharmaceutical (NYSE:TEVA) is reportedly looking to purchase more shares in Mylan (NASDAQ:MYL), sources told Reuters.
  • Teva last week disclosed a 1.8% stake in Mylan, which blasted the move as breaching U.S. antitrust laws. Companies that acquire stakes worth more than $76.3M in rivals must first obtain regulatory approval.
  • The strategy is a sign of Teva's commitment to acquire Mylan, as the latter presses on with its own $34B hostile bid for Perrigo (NASDAQ:PRGO).
  • MYL rose 1% in after-hours trading.

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