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Teva Plans to Raise Mylan Bid to $86-$88/Share This Week

Teva Pharmaceutical Industries Ltd. is preparing to raise its bid for rival drugmaker Mylan NV by as much as $2 billion, to $43 billion, and may announce the improved proposal as soon as this week, people with knowledge of the matter said.

Teva may offer $86 to $88 a share for Mylan, said the people, who asked not to be identified because the information is private. That compares with the $82 a share Teva offered in April, a price that valued the Canonsburg, Pennsylvania-based company at about $40.1 billion. Mylan had a market value of about $34.4 billion as of last week’s close.

Unlike its previous expression of interest, Teva plans to make the next offer formal as it seeks to thwart the U.S. drugmaker’s pursuit of Perrigo Co., the people said. Mylan is planning to hold a shareholder meeting this summer to vote on its Perrigo proposal, and an offer from Teva would pose an alternative for proxy firms advising Mylan shareholders.

A new takeover...