NEW YORK ( The Deal) -- Swedish drugmaker Meda on Monday once again rejected an approach from Mylan ( MYL), saying it felt it would be better off on its own and that its biggest shareholder opposes the offer.
It's the second time this month Meda has rejected an offer from Mylan, which reportedly sweetened its unspecified initial approach to 145 Swedish kronor, which would value the equity at about Skr43.8 billion ($6.7 billion).
"All contacts between Meda and Mylan have been terminated without further actions," said Meda, of Solna, Sweden, leading investors to push the shares down 7.6%, or Skr9.80, to Skr118.70 in mid-day Stockholm trading.
The target is 22.7% owned by the Stena Sessan Rederi AB shipping company controlled by Sweden's Olsson industrial family.
The proposed deal is just one in a sea of dealmaking among international drug companies. New York's Pfizer Inc. is making so-far unsuccessful overtures to London's AstraZeneca (AZN) -- whose equity was worth 58.8 billion pounds ($99 billion) as of Monday morning -- and Dublin generics giant Actavis (ACT) in February announced a $25 billion acquisition of Forest Laboratories (FRX).
An acquisition of Meda would give Canonsburg, Pa.-based Mylan an expanded respiratory treatment business, entree to Russia and potentially allow it to cut its tax bill by relocating its headquarters abroad, JPMorgan Chase & Co. analysts wrote in a recent note.
Meda shares were suspended Friday amid reports of a reworked offer. The company has been a popular target for takeover speculation amid an industry-wide consolidation.