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Fly News Breaks for April 27, 2015
TEVA, MYL
Apr 27, 2015 | 15:29 EDT
Cowen said the process between Teva (TEVA) and Mylan (MYL) has been proceeding roughly as the firm expected and it views a transaction between the two as "exceedingly likely." Cowen believes that Teva will likely sweeten its offer to roughly $90 per share, after which Mylan shareholders will begin to assert pressure to negotiate, which may be followed by Teva moving to a tender process or a group of shareholders then seeking a special shareholder vote to replace the board if Mylan refuses to negotiate. Cowen has an Outperform rating and $100 price target on Teva shares.
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