Mylan rejects Teva's $40.1 billion buyout offer
NEW YORK - Mylan NV rejected Teva Pharmaceuticals' $40.1 billion buyout offer, saying the cash-and-stock proposal undervalues the company.
The rejection comes as both Mylan and Teva look to further consolidate the generic drug industry.
Mylan has made a $29 billion bid of its own for rival Perrigo but that offer as been rejected. The Dutch company says it still stands by that offer.
Mylan had previously said that Teva's bid would likely be rejected by regulators because of antitrust concerns. Its statement Monday went further, saying a Teva buyout would "expose Mylan to a problematic culture and leadership with a poor record of delivering shareholder value."
