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June 10 — Kirkland & Ellis LLP should no longer represent Teva Pharmaceutical Industries Ltd. in its hostile bid for Mylan NV, a federal magistrate ruled June 9. In a report and recommendation, U.S. Magistrate Judge Lisa Pupo Lenihan said Kirkland's past work for Mylan—despite a retainer agreement that seemed to anticipate the potential for future representation of a competitor—should disqualify the firm. “We strongly disagree with the recommendation made by the magistrate judge, and we reject any suggestion that Kirkland & Ellis's representation of Teva in its proposed acquisition of Mylan NV presents a conflict of interest,” the Chicago-based firm said in an e-mailed statement. The ruling stems from a protracted three-way takeover battle. Teva in April proposed buying Mylan for $40.1 billion in cash and stock. Mylan rejected that offer, saying that it preferred to go ahead with its attempt to buy drugmaker Perrigo Co. for about $32.7 billion (Mylan Inc. v Kirkland & Ellis LLP, W.D. Pa., 2:15- cv-00581, 6/9/15).
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