Generic drugmaker Teva makes $40 billion offer for rival Mylan

TEL AVIV/NEW YORK (Reuters) - Generic drugmaker Teva Pharmaceutical Industries Ltd. on Tuesday proposed buying smaller rival Mylan for $40 billion, saying it was a better deal than Mylan's alternate offer to buy Perrigo Co. The offer comes after weeks of speculation that Teva, the world's largest generic company, would make a bid for Mylan. Teva said the stock-and-cash offer of $82 a share represented a 48 percent premium to Mylan's stock price on March 10, which it said was the last day of trading prior to the widespread speculation. Shares of Mylan were up 8.8 percent at $74 in early trading.

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