Mylan Holders Approve Perrigo Purchase
28 Août 2015 - 2:20PM
Dow Jones News
Mylan N.V. said Friday that its shareholders have approved its
proposed $35.6 billion takeover of Perrigo Company PLC and it will
launch a formal offer soon.
A representative from Perrigo could not immediately be reached
for comment.
The proposed deal—which has been swiftly opposed by Perrigo at
every turn—was approved by more than two-thirds of shareholders at
a general meeting. It also received support from more than a
majority of outstanding ordinary shares.
"We look forward to launching our formal offer directly to
Perrigo shareholders in the coming weeks, and we are very confident
that they too will support this unique and compelling transaction,"
said Mylan Executive Chairman Robert Coury.
Mylan has been pursuing Perrigo for months, part of the time
while it was a target of a takeover itself by Teva Pharmaceutical
Industries Ltd., before Teva went another direction and agreed to
buy Allergan PLC's generics unit.
Mostly recently, in April, Mylan raised its bid to $35.6 billion
from about $33 billion. Then, Mr. Coury said the company made a
"'hell or high water' commitment" to close the deal and obtain
clearance. Perrigo has said the offer undervalues the company.
Mylan and Perrigo generally compete in different segments of the
generic-drug business. Mylan is best-known for selling generic
prescription drugs, though its top-selling product is the EpiPen
emergency treatment for allergic reactions. Perrigo makes
over-the-counter cough-and-cold remedies and infant formula for
chains like Wal-Mart Stores Inc. and Walgreens, which sell the
products under their own names.
Neither company is a household name, but a combination of Mylan
and Perrigo would create one of the world's top sellers of
low-price medicines with $15.3 billion in yearly sales.
Under takeover rules in Ireland, where Perrigo is based, Mylan
is obligated to make a public announcement once it has started the
formal process of acquiring another company.
Shares of both are inactive premarket. Perrigo shares have
increased about 13% this year, while Mylan shares have fallen about
9%.
Write to Angela Chen at angela.chen@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 28, 2015 08:05 ET (12:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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