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DewDiligence

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DewDiligence

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Re: jbog post# 199661

Thursday, 02/11/2016 2:59:24 PM

Thursday, February 11, 2016 2:59:24 PM

Post# of 251670
Re: MYL-Meda

…the Street isn't too happy about what Mylan is paying for Meda.

The 92% premium is high, but Meda is an excellent fit for MYL, especially in emerging markets (#msg-120456955).

Some investors have evidently succumbed to the flawed logic promulgated by Bernstein’s Ronny Gal: that MYL could have accomplished much more for shareholders by applying the $9.9M deal value entirely to share buybacks. The logic flaw in this notion is that MYL would be badly over-leveraged if it increased net debt by $9.9B without any corresponding increase in operating cash flow to service that debt.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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