Mylan Believes Teva's Acquisition Of Mylan Shares Violates U.S. Antitrust Laws

(RTTNews) - Mylan N.V. (MYL) said that Teva Pharmaceutical Industries Limited (TEVA) acquired shares in Mylan in excess of the $76.3 million threshold under the US anti-trust rules. It believes Teva's acquisition of Mylan shares violates the U.S. antitrust laws. Further, Teva has chosen to remain silent on its intentions with respect to using those shares.

"We consider Teva's stakebuilding as a further indication of its intention to meddle with our business, strategy and mission while remaining unclear as to its actual intentions," Mylan said in a letter to Teva Chief Executive Officer Erez Vigodman.

Mylan recently raised its offer to buy Irish rival Perrigo Co for $35.6 billion, and has been fending off a $40 billion unsolicited offer from Israel-based Teva.

Mylan said, "We met on April 24, 2015, and almost six weeks have passed since Teva's public and unsolicited, non-binding expression of interest on April 21, 2015, yet there still is no clarity on whether or not Teva will make an actual offer to acquire Mylan and, if so, the timing, terms or conditions thereof."

Instead, Teva has engaged in a pattern of making noncommittal, unclear, inaccurate, and non-specific statements to shareholders, analysts and the press regarding its intentions/plans with respect to Mylan, and continues to tell the same constituencies that there is a clear pathway for Teva to close a transaction with Mylan in a short timeframe and thereafter obtain control in a relatively short period.

"It is time for Teva and its Board to stop playing games with our company, its business, mission and strategy and its stakeholders," Mylan said.

"If Teva's Board wishes to pursue an actual formal committed binding offer (as we have done for Perrigo), then our Board will assess such an offer carefully in line with its duties and in light of the considerations outlined in my April 27, 2015 letter to you. Short of that, Teva and its Board must stop pursuing what amounts to nothing more than an illusory alternative for our shareholders to the Perrigo transaction (as there is no formal offer or clear path to completion for a Teva transaction) and figure out a solution to Teva's profound strategic issues (including among them Teva's impending Copaxone cliff) that does not involve Mylan," Mylan said.