Tue, May 12, 3:05 AM
- Mylan's (NASDAQ:MYL) Chairman Robert Coury told investors he may sweeten the company's offer for Perrigo (NYSE:PRGO) by adding terms that would reduce the risk to its shareholders.
- Coury laid out scenarios that could play out in the future and had even suggested that a Mylan-Perrigo combination could be an attractive target for Pfizer (NYSE:PFE), sources told Bloomberg.
- Mylan has been attempting to buy Perrigo for $34B (in an unsolicited offer that is expected to turn hostile), while rebuffing a takeover bid from Teva (NYSE:TEVA).
Mon, May 11, 11:29 AM| 7 Comments
Fri, May 8, 5:23 PM
- Mylan (NASDAQ:MYL) management is meeting privately with top investors this week to gain support for its $34B bid for Perrigo (NYSE:PRGO), which last week rejected MYL's latest offer worth $75 and 2.3 MYL shares per PRGO share, and defend itself from Teva Pharmaceuticals' (NYSE:TEVA) $40B takeover bid.
- WSJ's Ronald Barusch relays a report from a Bernstein analyst who met with MYL executives that suggests MYL “could not be clearer” that it is not working primarily for its shareholders; according to the report, when the Bernstein analyst suggested in determining whether to vote for the PRGO deal that MYL shareholders would need to compare it with the Teva offer, MYL disagreed and said its shareholders needed to choose between PRGO and an uncertain Teva deal two years away.
- MYL management said shareholders will be in a “tough place” and choose the PRGO deal, the analyst report said; WSJ's Barusch says an acknowledgment that a board has put its own shareholders in a "tough place" is surprising.
- MYL argues that Teva is the wrong company to acquire MYL; in fact, Executive Chairman Robert Coury says MYL not only is not willing to sell itself to Teva but would consider buying Teva at some point after completing its offer for PRGO, according to a Reuters report.
Wed, Apr. 29, 12:03 PM
- Perrigo (PRGO +0.1%) rejects Mylan's (MYL +1.6%) beefed-up offer for the Dublin, Ireland-domiciled firm. The new bid is $75 in cash plus 2.3 shares of MYL stock or ~$244 per PRGO share, based on recent prices. This represents a premium of 28%.
- The company maintains that the offer significantly undervalues the firm, although its rationale that the new offer is mathematically below its first bid of $60 + 2.2 shares of MYL stock is clearly biased since it is based on MYL's price on March 10, before speculators began accumulating shares ($55.31). MYL is trading today at ~$74.
- Previously: Mylan commences formal offer for Perrigo (April 24)
- Related ticker: (TEVA +0.5%)
Mon, Apr. 27, 10:40 AM
- As expected, Mylan's (MYL -3.2%) Board of Directors unanimously rejects the $40.1B offer from Teva Pharmaceutical Industries (TEVA -2.4%) saying it grossly undervalues the company and would require Mylan shareholders to accept "low-quality" TEVA shares in exchange for "high-quality" MYL shares.
- TEVA won't give up easily. Look for a revised bid in the near future.
- Previously: Teva proposes to acquire Mylan for $82/share in cash and stock (April 21)
Fri, Apr. 24, 9:58 AM
- Under Irish Takeover Rules, Mylan (MYL +1%) issues a Rule 2.4 announcement setting forth its legally-binding commitment to acquire Perrigo (PRGO -1.8%) for $205 in cash and stock. Under the terms of the offer, PRGO shareholders will receive US$60 in cash plus 2.2 ordinary shares of MYL for each PRGO share.
- The cash portion will be financed by a new bridge credit facility arranged by Goldman Sachs.
- Perrigo's Board of Directors rejected Mylan's bid several days ago.
- Previously: Perrigo unanimously rejects Mylan bid (April 21)
- Previously: Mylan preparing new bid for Perrigo (April 22)
Wed, Apr. 22, 9:47 AM
Wed, Apr. 22, 3:01 AM
- Some of the top investors at Mylan (NASDAQ:MYL), including hedge fund Paulson & Co, are encouraging its board of directors to consider a takeover proposal from Teva Pharmaceutical (NYSE:TEVA), Reuters reports.
- Yesterday, Teva unveiled an unsolicited $40B takeover proposal for the Pennsylvania-based company, saying the acquisition would create an entity with more than $30B in annual revenue, add to earnings in the first year and generate $2B in annual savings.
- Previously: Teva proposes to acquire Mylan for $82/share in cash and stock (Apr. 21 2015)
Tue, Apr. 21, 5:53 PM
- In a unified vote, Perrigo's (NYSE:PRGO) Board of Directors rejects Mylan's (NASDAQ:MYL) unsolicited $205/share offer stating that it substantially undervalues the company, its future growth prospects and fails to take full account of the benefits of its recent Omega Pharma acquisition.
- Previously: Mylan makes $205/share bid for Perrigo; Generic firms rally (April 8)
Tue, Apr. 21, 8:48 AM
- 50% stock and 50% cash
- The proposal gives Mylan (NASDAQ:MYL) shareholders a 37.7% premium to the stock price of Mylan on April 7, 2015, the last day of trading prior to Mylan's press release regarding its unsolicited proposal for Perrigo (NYSE:PRGO), and a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, which is the last day of trading prior to widespread speculation of a transaction between Teva (NYSE:TEVA) and Mylan.
- Expected to be significantly accretive to Teva non-GAAP EPS, starting in the mid-teens in year 1 and approaching 30% by year 3.
- Teva/Mylan product offerings would create a combined pipeline of over 400 pending ANDAs and over 80 first-to-files in the U.S.
- MYL +9.3% premarket to $74.40. TEVA +2.8% premarket.
- Source: Press Release
- Previously: Bloomberg: Teva offer for Mylan could come today (Apr. 21)
- Previously: Mylan says rumored Teva marriage would not makes sense (Apr. 20)
- Related: Why Does Mylan Want To Buy Perrigo? (Apr. 9)
Tue, Apr. 21, 6:17 AM
- Teva (NYSE:TEVA) could make an unsolicited offer for rival Mylan (NASDAQ:MYL) as soon as today, Bloomberg reports, in what could be the drug industry's largest takeover attempt this year. Mylan has a market value of $33.3B.
- Teva has been working with Barclays on the approach and has contacted other banks about financing a potential deal.
- On Friday, Mylan said it's not interested in a sale and doesn't expect a potential combination to clear antitrust hurdles.
- TEVA +3.9%; MYL +12% premarket
- Previously: Mylan says rumored Teva marriage would not makes sense (Apr. 20 2015)
- Previously: Teva reportedly weighing bid for Mylan; shares jump (Apr. 17 2015)
Mon, Apr. 20, 11:20 AM
- Generics firm Mylan (MYL -2.9%) admits that it considered a merger with Teva Pharmaceuticals Industries (TEVA -1.4%) but such a deal would be "without sound industrial logic." CEO Robert Coury says, "We believe that it is unlikely that any such combination could obtain antitrust regulatory clearances. Mylan is fully committed to its stand-alone strategy, including its proposal to acquire Perrigo, and today's speculation has no impact whatsoever on this strategy."
- Many observers believe that Mylan's unsolicited $29B bid for Perrigo (PRGO -0.7%) was a defensive tactic to make itself less attractive to Teva.
- Teva has not disclosed its intentions as of yet.
- Previously: Teva reportedly weighing bid for Mylan; shares jump (April 17)
Fri, Apr. 17, 2:30 PM
- The WSJ and Bloomberg report Teva (TEVA +3.4%) is weighing a bid to acquire fellow generic drug giant Mylan (MYL +5.5%), while adding no decision has been made yet. Shaes of both companies have spiked higher.
- Bloomberg's sources state Teva "hasn't made a formal approach yet," though Mylan is aware of Teva's interest. Many analysts have long expected Teva to go after Mylan, given many perceived top and bottom-line synergies. Teva is currently worth $66.2B, and Mylan $34.3B.
- Perrigo (PRGO -2.8%), which Mylan announced a $28.9B ($205/share) bid for last week, has moved lower on the news.
Wed, Apr. 8, 11:47 AM
- Mylan (MYL +10.4%) submits a non-binding proposal to Perrigo (PRGO +27.6%) to acquire it for $205 per share in a cash-and-stock deal. If consummated, the combined company would generate over $15B in annual sales.
- Generic drug-related tickers: (LCI +3%)(AKRX +4.4%)(MNK +2.8%)(IPXL +2.3%)(TARO +2.3%)(TEVA +3.2%)
Fri, Feb. 6, 9:20 AM
- According to some observers, Pfizer's (NYSE:PFE) $17B takeout of Hospira (NYSE:HSP) is only a prelude to a bigger deal(s) considering that it was prepared to spend $120B for AstraZeneca (NYSE:AZN).
- According to Gabelli analyst Kevin Kedra, Actavis Plc (NYSE:ACT) is an attractive target, especially since nabbing Allergan (NYSE:AGN) and its fast-growing drug portfolio. A Pfizer takeover would be big enough to overcome the U.S. Treasury's stricter rules on inversions and lower its tax bill.
- John Boris of SunTrust Banks says GlaxoSmithKline (NYSE:GSK), AbbVie (NYSE:ABBV), Bristol-Myers Squibb (NYSE:BMY) and Mylan (NASDAQ:MYL) may be on the radar as well.
- Pfizer had $33B in cash at the end of September which it will use a portion of plus debt to pay for Hospira.
Wed, Jan. 28, 12:38 PM
- The European Commission clears Mylan's (MYL -0.1%) $5.3B acquisition of Abbott's (ABT +0.7%) non-U.S. Developed Markets Specialty and Branded Generics Business. The EC is concerned that the transaction would potentially reduce competition so its approval is contingent upon the divestment of some of Mylan's businesses in Germany, the U.K., France, Ireland and Italy.
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