Meda rejects revised offer from Mylan

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News,Business,Mergers and Acquisitions

Swedish pharmaceutical company Meda says it has rejected another offer from U.S. generic drugmaker Mylan Inc.

Meda says its board decided to reject a revised Mylan proposal because the deal lacks support from Meda's largest shareholder, which the company did not name in a brief statement. It also says the board turned down the offer due to a strong belief in Meda's potential as a stand-alone company.

Meda says all contact between the companies has ended with no further actions. The Swedish company also rebuffed an approach from Mylan earlier this month.

Mylan representatives did not immediately return a call seeking comment.

Meda's products include the eczema treatment Elidel and the antiseptic Betadine. It says its products are sold in more than 120 countries.

Mylan is based in Canonsburg, Pa.

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