Mylan NV rejected Teva Pharmaceutical Industries Ltd's $40 billion takeover offer on Monday, saying in a scathing letter that it grossly undervalued the company and that Mylan has no interest in payment in what it termed "high-risk" Teva stock. Teva, the world's biggest maker of generic drugs, quickly responded to Mylan's refusal with word that it was "fully committed" and would move forward with the $82 per share cash and stock offer. Teva said it had begun the regulatory approval process and that it expects to complete a deal by the end of 2015. The company will meet with Mylan shareholders this week, according to sources familiar with the situation.
U.S.-based Applied Materials Inc on Monday scrapped its $10 billion planned takeover of chip-making gear rival Tokyo Electron Ltd after the deal, a rare foreign bid for a Japanese firm, fell foul of U.S. anti-trust regulators. Tokyo Electron said both companies gave up on the deal after more than 18 months of talks after it became clear that differences with the U.S. Justice Department could not be bridged. The reasons for the regulator's decision were not immediately clear, but California-based Applied Materials said the U.S. authorities had deemed insufficient a proposal to address antitrust concerns. "We must take with humility the result that we could not convince the regulators," Tokyo Electron Chief Executive Tetsuro Higashi told reporters.
By Andrew Chung NEW YORK (Reuters) - Microsoft Corp lost a round in a potentially costly patent battle when a U.S. International Trade Commission judge on Monday found that the software giant used InterDigital Inc's technology in its mobile phones without permission. The judge, Theodore Essex, said that Microsoft infringed two wireless cellular patents owned by InterDigital , a patent licensor, and said it would not be against the public interest to ban the Microsoft devices from being imported into the United States. Wilmington, Delaware-based InterDigital first accused Nokia Corp of infringing its patents in 2007.
By Emelia Sithole-Matarise and Cyril Altmeyer PARIS (Reuters) - Cap Gemini SA , a French information technology services company, said it will buy U.S.-based rival IGATE Corp for $4 billion in a deal that would make North America into its biggest market and hand IGATE's founders a $1 billion windfall. Cap Gemini also raised its 2015 sales forecast on Monday in a statement that was pushed up to coincide with the announcement of the deal. IGATE, which has strength in the financial services sector, has grown quickly since its 1996 stock market listing. Cap Gemini said IGATE has been recording double-digit growth and a 19 percent operating margin.