NEW YORK (TheStreet) -- Mylan (MYL) shares closed trading down 0.18% to $74.15 on Friday after rival Teva (TEVA) increased its stake in the company to 2.2% from 1.8%.
The increased stake is part of the Teva's attempted hostile takeover of Mylan, which has repeatedly rejected Teva's $40 billion takeover bid.
As of June 4, Teva has acquired approximately 10.5 million Mylan shares according to an SEC filing today that Reuters reported on.
Today's disclosure follows last week's filing that showed that the Teva held a 1.8% stake in the company.
Mylan has said that Teva's increased stake in the company violates U.S. atnitrust laws which prohibits companies from acquiring stakes in each other that total more that $76.3 million without first getting regulatory approval.
TheStreet Ratings team rates MYLAN NV as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MYLAN NV (MYL) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had sub par growth in net income."