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News Breaks
December 18, 2012
07:21 EDTMYLMylan CEO using corporate jet for personal matters, WSJ reports
Mylan (MYL) CEO Robert Coury is getting negative publicity for using his corporate jet for personal matters, reports the Wall Street Journal. Reference Link
News For MYL From The Last 14 Days
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April 24, 2015
09:48 EDTMYLMylan offers $60 cash, 2.2 Mylan shares for each Perrigo share in buyout offer
Mylan (MYL) issued a Rule 2.4 announcement under the Irish Takeover Rules stating that it had made a non-binding proposal to acquire Perrigo (PRGO) for $205 in a combination of cash and Mylan stock for each Perrigo share. The Rule 2.4 announcement followed the delivery of that proposal to Perrigo's Chairman on April 6. Mylan issued a Rule 2.5 announcement setting forth its legally-binding commitment to commence an offer for the entire issued and to be issued share capital of Perrigo. Under the terms of the offer announced today, Perrigo shareholders will receive $60 in cash and 2.2 Mylan ordinary shares for each Perrigo ordinary share. Mylan expects the combination will result in at least $800M of annual pre-tax operational synergies by the end of year four following the consummation of the offer. The transaction is expected to be immediately accretive to EPS on a fully-synergized basis and it is anticipated that substantial free cash flows will drive rapid deleveraging and enhanced reinvestment into the business, with the combined company expected to maintain its investment grade credit profile. "The synergy estimate was prepared using a sound process and was independently reported on by the Irish firm of PricewaterhouseCoopers and Goldman Sachs International in accordance with the requirements of the Irish Takeover Rules," Mylan said.
09:46 EDTMYLMylan to start formal offer to buy Perrigo for $60 cash, 2.2 Mylan shares
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07:24 EDTMYLMylan price target raised to $82 from $65 at Deutsche Bank
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05:53 EDTMYLStocks with implied volatility movement; SFUL MYL
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April 23, 2015
12:32 EDTMYLTeva working with FTC on path toward Mylan deal approval, CT Financial News says
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07:59 EDTMYLMylan launches generic sofosbuvir tablets in India
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07:16 EDTMYLMylan the safest bet in generic drug company takeover battle, says Bernstein
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April 22, 2015
16:00 EDTMYLOptions Update; April 22, 2015
iPath S&P 500 VIX Short-Term Futures down 22c to 21.30. Option volume leaders: AAPL TSLA TWTR MCD FB PBR AMZN KMI MYL C according to Track Data.
12:04 EDTMYLTeva may need to raise Mylan bid above $90 per share, analysts say
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09:56 EDTMYLMylan planning firmer offer for Perrigo, CNBC's Faber reports
Mylan (MYL) is planning to announce a firmer takeover offer for Perrigo (PRGO) that will include financing commitments and ticking fees, CNBC's David Faber reports, citing people familiar with the matter. It is unclear if the offer will include a higher buyout price of $205 per share, Faber added.
09:44 EDTMYLSources: Mylan planning new offer for Perrigo, CNBC's Faber says
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09:08 EDTMYLTeva price target raised to $75 from $64 at Argus
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08:43 EDTMYLHostile bids carry low success rates, says Leerink
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08:42 EDTMYLMylan likely to seek higher offer from Teva, says Bernstein
after Teva (TEVA) offered to buy Mylan (MYL) for $82 per share, Bernstein expects Mylan to seek an offer closer to $90. The firm also expects Mylan to seek shared management and perhaps some protection for its employees. Bernstein expects Teva to attempt to convince Mylan shareholders of the merits of its offer and Mylan to attempt to convince Perrigo (PRGO) shareholders of the merits of its offer and its own shareholders of the risks associated with the Teva deal. Bernstein keeps Outperform ratings on Teva and Mylan.
08:31 EDTMYLTeva files for Hart Scott Rodino notification regarding proposed Mylan purchase
Teva Pharmaceutical Industries (TEVA) announced that it has filed for premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with the U.S. Department of Justice Antitrust Division and the Federal Trade Commission regarding its proposed acquisition of Mylan N.V. (MYL). As announced on April 21, 2015, Teva proposed to acquire Mylan for $82.00 per Mylan share, with the consideration to be comprised of approximately 50% cash and 50% stock. Teva’s proposal for Mylan implies a total equity value of approximately $43 billion and an enterprise value of approximately $50 billion. The Teva Board and management team are committed to consummating a transaction as soon as possible. The acquisition proposal would provide Teva stockholders with very attractive strategic and financial benefits and Mylan stockholders with a substantial premium and immediate value for their shares, as well as the opportunity to participate in the significant upside potential of the combined company – one that would transform the global generics space and leverage it to hold a unique leadership position in the pharmaceutical industry. Teva has carefully studied the regulatory aspects of a combination of Teva and Mylan, in conjunction with its advisors. Teva is confident that it would be able to structure a transaction that would not contain material impediments to closing and that it can determine and promptly implement divestitures, as necessary, to gain regulatory clearances. Teva intends to work cooperatively with antitrust authorities and expects that the proposed transaction can be completed by year-end 2015. Teva’s proposal provides Mylan stockholders with a more attractive alternative to Mylan’s proposed acquisition of Perrigo Company plc (PRGO), as announced on April 8, 2015, as well as to Mylan on a standalone basis. Teva’s proposal would provide Mylan stockholders with consideration representing a 37.7% premium to the stock price of Mylan on April 7, 2015, which is the last day of trading prior to Mylan’s press release regarding its unsolicited proposal for Perrigo, 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 and Mylan. Barclays and Greenhill & Co. are serving as financial advisors to Teva. Kirkland & Ellis LLP and Tulchinsky Stern Marciano Cohen Levitski & Co are serving as legal counsel to Teva, with De Brauw Blackstone Westbroek N.V. and Loyens & Loeff N.V. acting as legal advisors in the Netherlands.
07:27 EDTMYLPiper sees more sense in Teva buying Perrigo than Mylan
Piper Jaffray says that while a potential acquisition of Mylan (MYL) by Teva (TEVA) would bring major cost synergies and meaningful earnings accretion, it would not significantly improve the limited visibility on long-term top-line and earnings growth for Teva. Piper sees more strategic sense in Teva acquiring Perrigo (PRGO). Such a deal would drive multiple expansion for Teva since Perrigo's Consumer Health and Nutritionals businesses can offer a "much higher level of visibility on robust long-term earnings growth" than what Mylan can offer Teva, Piper tells investors today. The firm reiterates a Neutral rating on shares of Teva.
07:14 EDTMYLTeva Mylan deal more likely to get done than Mylan Perrigo deal,says Wells Fargo
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07:00 EDTMYLPerrigo price target raised to $203 from $187 at Jefferies
Jefferies raised its price target for Perrigo (PRGO) to $203 after the company rejected Mylan's (MYL) takeover bid of $205 per share. The firm believes Perrigo "left the door wide open" for a higher, more definitive bid. It sees a 40% chance of either Mylan or another suitor acquiring Perrigo. The firm keeps a Buy rating on the stock.
06:31 EDTMYLMylan likely to improve offer for Perrigo, says Citigroup
Citigroup believes Mylan's (MYL) board will likely reject Teva's (TEVA) initial takeover offer of $82 per share and present an improved proposal to acquire Perrigo (PRGO). Citi continues see a potential Teva-Mylan combination as more value accretive for Mylan shareholders than a potential Mylan-Perrigo combination. It keeps a Neutral rating on Mylan.
06:30 EDTMYLMylan shareholders urge board to consider Teva offer, Reuters reports
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