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.