Meda rejects Mylan proposal

STOCKHOLM, April 28 Mon Apr 28, 2014 2:14am EDT

STOCKHOLM, April 28 (Reuters) - Swedish drug maker Meda said on Monday it had rejected a new offer from U.S. generics firm Mylan to acquire it.

"The Board's decision is based on a strong belief in the continued potential of Meda as a stand-alone company and the assumption that a transaction cannot be completed as it lacks sufficient support from Meda's largest shareholder," Meda said in a statement.

Shares in Meda were halted on Friday after news that Mylan had returned with an improved offer worth 145 crowns per share after Meda rejected an earlier indicative proposal. (Reporting by Sven Nordenstam, editing by Mia Shanley)