Mylan not prepared to be acquired

Mylan Laboratories has issued a terse statement in response to rumorsthat the company could soon be up for sale. In a filing with the US Securities and Exchange Commission, the company said it had entered into an agreement with an investment adviser, that has now been terminated, which led to a note from Credit Suisse First Boston, saying that "we do not believe that the termination of this original agreement is a sign that Mylan is not open to business combination discussions. Mylan is an attractive acquisition candidate in the consolidating generics industry.''

Sale not in best interests of shareholders

Mylan responded by saying that it "reviews and expects to continue to review acquisition opportunities and other strategic opportunities, including mergers, which would enhance value for our shareholders." However, the firm went on to say that its board of directors "is of the view at this time that it would not serve the best interests of our shareholders to pursue a sale of the company." The drugmaker added that it does not intend to make any further comment on the matter.