Page 25 - ARUBA TODAY SEPT 9
P. 25
BUSINESS A25
Wednesday 9 September
Dutch drugmaker Mylan to launch $27.14B bid for Perrigo
NEW YORK (AP) — Dutch The company said in Au- cent to the Friday closing would have about $15 bil- fer wasn’t worth as much
drugmaker Mylan says it gust that it was confident price of Perrigo Co. shares, lion in combined annual as Mylan said. At the time
will launch a $27.14 billion its shareholders would re- and the stock added $1.85 revenue. Mylan’s stock price was el-
offer for Irish generic drug ject Mylan’s overture. to $180.65 on Tuesday. Dublin-based Perrigo did evated as an even larger
and ingredients maker Per- Mylan is offering $75 in Mylan wants to combine not immediately comment generic drug company,
rigo next Monday. cash and 2.3 shares of its its prescription generic to Mylan’s announcement. Teva Pharmaceutical In-
Perrigo has already turned own stock for every Perrigo drug business with Per- Mylan NV offered to buy dustries Ltd., was trying to
down several offers from share. That values Perrigo rigo’s business in over-the- Perrigo for $205 per share in buy Mylan. Mylan fended
Mylan, so Mylan said Tues- at about $185.52 per share counter products like vita- April and later increased its off Teva, which decided to
day that it will take the based on Friday’s closing mins, nutritional products offer to $232.23 per share, buy Allergan PLC’s generic
latest offer directly to the price for Mylan stock. That’s and infant formula, and it or $34.1 billion. Perrigo said drugbusiness for $40.5 bil-
company’s shareholders. a premium of about 4 per- says the two companies that cash-and-stock of- lion instead.q
Berkshire’s Buffett plies volatile waters, digs in on IBM
JOSH FUNK a long-term view. Berkshire Hathaway Chairman and CEO Warren Buffett speaks in Omaha, Neb. Buffett said
AP Business Writer “We’re buying because
OMAHA, Neb. (AP) — In- we like what we’re buying Tuesday, Sept. 8, 2015, investors should take a long-term view on stocks they buy, and that his
vestor Warren Buffett has in relation to its long-term
been adding to his com- prospects,” he said. Berkshire Hathaway has been spending about $500 million a week acquiring stock during the
pany’s sizable stake in IBM Berkshire’s Precision Cast-
during recent market tur- parts acquisition will be the recent market volatility. (AP Photo/Nati Harnik)
moil, and he said Berkshire biggest of Buffett’s career,
Hathaway’s $32 billion but he said it hasn’t put a $1.4 billion of its Phillips as it has since 2009, so he iaries, including railroad,
Precision Castparts deal crimp in other investments. 66 stock for one of the expects the Federal Re- clothing, furniture and jew-
hasn’t left him short on Berkshire had $66.6 billion refiner’sbusinesses that serve will eventually start elry firms. Its insurance and
cash for other investments. cash on hand at the end makes additives to help raising interest rates. But utility businesses typically
Buffett appeared on CNBC of the second quarter, and crude oil flow through he cautioned that the Fed account for more than half
Tuesday before dining with Buffett said the company pipelines. Buffett said that shouldn’t be aggressive of the company’s net in-
the winners of this year’s has been spending about trade wasn’t a sign that he because significantly high- come. The company also
auction of a private lunch. $500 million a week ac- disliked the company. er rates would likely hurt has major investments in
Chinese online game mak- quiring stock during recent Buffett said the economy U.S. exports. such companies as Ameri-
er Dalian Zeus Entertain- market volatility. continues to grow at a Berkshire Hathaway Inc. can Express, IBM and Wells
ment Co. paid $2,345,678 Berkshire Hathaway re- slow, steady pace — just owns more than 80 subsid- Fargo & Co.q
to win this year’s auction. cently disclosed a $4.5 bil-
Buffett has periodically lion investment in Phillips 66
added to Berkshire’s IBM even with energy compa-
investment ever since he nies being pummeled by
first disclosed it in late 2011 low crude prices.
even though the stock has Buffett said he doesn’t look
disappointed. At the end at it as an oil investment.
of June, Berkshire held Instead Buffett said he likes
79.57 million shares of IBM Phillips 66’s mix of refining
stock. and midstream chemi-
IBM shares have fallen cal businesses.
11 percent over the past “We’re not buying it as a
three months and 23 per- refiner. We’re certainly not
cent over the past year. buying it as an integrated
Buffett said he bases his in- oil company,” Buffett said.
vestments on a company’s “We’re buying it because
prospects over the next we like the company.”
five or 10 years, and he en- In late 2013, Berkshire
couraged investors to take agreed to trade about
Horizon takes hostile Depomed bid directly to shareholders
The Associated Press Dublin-based Horizon said will carefully review the Depomed’s board also month after Horizon asked
Horizon Pharma is push- Tuesday that it will trade exchange offer and then has adopted a “poison Depomed to set a share-
ing ahead with its hostile, 0.95 of its shares for each detail its position to share- pill” measure that aims to holder vote on its bid and
$2.4-billion bid to buy De- Depomed share in an offer holders in a regulatory fil- thwart a hostile takeover filed a lawsuit challenging
pomed by starting an of- scheduled to expire in No- ing. The Newark, Califor- attempt by essentially the poison pill provision.
fer to exchange a portion vember. nia-based drugmaker has making it too expensive. U.S.-traded shares of Ho-
of its stock for shares of the The offer is worth $33 per already rejected the $33 Horizon Pharma Plc., which rizon rose 43 cents to
rival drugmaker. share and represents a 60 per-share bid, saying it owns a 3.7 percent stake $29.83, as broader index-
Horizon Pharma makes the percent premium to the does not reflect the value in Depomed, is also ask- es also jumped nearly 2
rheumatoid arthritis drug $20.64 closing price of De- Depomed would bring to ing that drugmaker’s stock percent shortly after mar-
Duexis. Depomed has a pomed stock in early July, a combined company. owners to call special kets opened Tuesday. De-
portfolio that includes the before Horizon went public That bid represented an in- meetings to vote on re- pomed climbed 21 cents
migraine drug Cambia with its acquisition propos- crease from a previous of- placing its board of direc- to $26.87. That stock price
and the painkiller Nucynta al. fer worth about $2.1 billion, tors. has soared more than 65
ER. Depomed said its board or $29.95 per share. This comes more than a percent so far this year.q
