Teva Says Ready And Willing To Meet With Mylan On Proposed Combination

(RTTNews) - Teva Pharmaceutical Industries Ltd. (TEVA), in an updated investor presentation regarding its proposed combination with Mylan N.V. (MYL), said that it is committed to consummating a transaction as soon as possible, and the company is ready and willing to meet with Mylan and its advisors immediately. Teva's proposal is extremely attractive for Teva and Mylan stockholders and all other stakeholders.

Teva said that it will file the investor presentation with the U.S. Securities and Exchange Commission.

According to Teva, The proposed combination makes compelling strategic, financial and cultural sense. The combined company will have a strong and flexible financial profile, including substantial debt capacity and an investment grade rating.

Teva has carefully studied the regulatory and antitrust aspects of the combination and believes that all necessary clearances can be completed in 2015. The strength of Teva's business, pipeline, leadership and long-term growth prospects. The significant achievements and robust financial performance Teva has generated through its transformation.

As previously announced 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. Teva's proposal represents a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, the last day of trading prior to widespread speculation of a transaction between Teva and Mylan.

Teva's proposal is contingent on Mylan not completing its proposed acquisition of Perrigo or any alternative transactions.

In late-April, Mylan N rejected Teva Pharmaceutical's $40 billion acquisition offer as it undervalues the company and carries antitrust risks, dashing Teva's hopes for a deal that will help it dominate the global generic drug space.