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Fly News Breaks for April 27, 2015
PRGO, MYL, TEVA
Apr 27, 2015 | 06:34 EDT
Citigroup views a Teva (TEVA), Mylan (MYL) combination as "more likely than not" after Perrigo (PRGO) rejected Mylan's (MYL) second proposal to acquire the company. Citi believes investors are likely under appreciating how quickly a potential deal can be reached. It anticipates that the stichting set up by the Mylan board could trigger the call option to issue preference shares. Teva could appeal to the Dutch Enterprise Chamber, which Citi believes would likely constitute a "relatively speedy process." It has a Buy rating on Teva with a $70 price target.
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