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Fly News Breaks for April 20, 2015
PRGO, MYL, TEVA
Apr 20, 2015 | 06:39 EDT
Citigroup believes a potential takeover of Mylan (MYL) by Teva (TEVA) would have to be friendly after its legal due diligence indicated Mylan's poison pill "presents a legitimate roadblock" to a potential hostile takeover. Citi estimates an $80 per share bid for Mylan would be 25%-35% accretive from 2016 onward for Teva while a $90 per share bid would be 20%-30% accretive. Citi points out Mylan is yet to announce a "firm intention" to acquire Perrigo (PRGO) under Section 2.5 of the Irish Takeover Code, which would then require a formal offer to be made within 28 days. The firm finds it likely that Mylan received resistance from shareholders since the announcement of a potential acquisition of Perrigo, who see greater value in a deal with Teva.
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