Drug firm Teva bids $40bn for Mylan
Generic drug company Teva has announced a bid to buy Dutch rival Mylan in a deal that could be worth $40.1bn (£26.9bn) in cash and stock.
Teva has offered $82 for each Mylan share, saying a deal could "transform" the generic drugs industry.
On Friday, responding to rumours of an offer, Mylan said a takeover by Teva "is without sound industrial logic or cultural fit".
Earlier this month, Mylan had made a $30bn offer to buy drug firm Perrigo.
However, Teva said its offer was a more "attractive alternative" for Mylan's shareholders.
"Our proposal is compelling for both Teva and Mylan stockholders and other stakeholders," said the chief executive of Teva, Erez Vigodman.
"Mylan's business is a natural fit with our own and is highly complementary to it".
Mylan employs about 30,000 people and makes about 1,400 generic pharmaceutical treatments. It reported revenues of $7.72bn in 2014.