Teva Reiterates Its Commitment To Proposed Combination With Mylan - Quick Facts

(RTTNews) - Teva Pharmaceutical Industries Ltd. (TEVA) reiterated its commitment to its proposed combination with Mylan N.V. (MYL).

Earlier today, Mylan said that it rejected the unsolicited expression of interest from Teva to acquire Mylan.

On April 21, 2015, Teva has proposed to acquire Mylan for $82.00 per share, with the consideration to be comprised of approximately 50 percent cash and 50 percent stock. Teva's proposal for Mylan implies a total equity value of approximately $43 billion.

Erez Vigodman, President and CEO of Teva, said, "While we are disappointed that Mylan has formally rejected our proposal, the Teva Board and management team are fully committed to completing the combination of Teva and Mylan, and we stand ready to quickly complete a transaction that is compelling for both Teva and Mylan stockholders."

Teva today said that it is offering a substantial premium, immediate cash value and the opportunity to participate in the significant upside potential of a financially and commercially stronger company.

Given that Teva and Mylan have complementary assets and capabilities, Teva believes the combined company could realize substantial synergies of approximately $2 billion annually. Teva expects the savings to be largely achieved by the third anniversary of the closing of the transaction, and to come from operational, SG&A, manufacturing and R&D efficiencies, as well as tax savings.

As previously announced, the transaction would not be subject to a financing condition or require a Teva stockholder vote. Teva's proposal is contingent on Mylan not completing its proposed acquisition of Perrigo or any alternative transactions.