July 6, 2015 / 4:58 PM / 2 years ago

Teva plans to raise Mylan bid by as much as $2 billion: Bloomberg

Teva Pharmaceutical Industries' Jerusalem oral solid dosage plant (OSD) is seen December 21, 2011. REUTERS/Ronen Zvulun

(Reuters) - Teva Pharmaceutical Industries Ltd (TEVA.TA) is preparing to raise its bid for rival drugmaker Mylan NV (MYL.O) by as much as $2 billion, to $43 billion, Bloomberg reported on Monday, citing people familiar with the matter.

The improved proposal could be announced as soon as this week, Bloomberg said.

Teva may offer $86 to $88 per share for Mylan, up from the $82 per share it bid in April, Bloomberg reported.

Mylan rebuffed Teva’s $40 billion bid in April, saying it grossly undervalued the company, and pressed on with its own $34 billion hostile bid for Perrigo Co Plc (PRGO.N) in an attempt to fend off Teva’s interest.

Mylan’s market value stood at $34.36 billion as of Thursday’s close, according to Thomson Reuters calculations.

Mylan was not immediately available for comment and Teva declined to comment.

Reporting by Ankur Banerjee in Bengaluru; Editing by Simon Jennings

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