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Mylan Disagrees With Itself in Effort to Spurn Teva Takeover

Mylan NV, the generic drugmaker, is acting like two companies: One has big problems with a takeover offer that’s below $100 a share. The other would be delighted with a share price of $73.33.

Mylan is on the offensive against Teva Pharmaceutical Industries Ltd., the Israeli rival that’s been bidding for it. In a letter this week, the company said Teva’s opening offer of $82 a share, “grossly undervalues” it and the buyer shouldn’t even bother coming back until it’s prepared to pay “significantly in excess of $100 per share.”