EU OKs Mylan’s Bid for Acquiring Perrigo

Mylan N.V. has received regulatory clearance from the European Commission (EC) under the European Union Merger Regulation to proceed with its proposed acquisition bid of Dublin, Ireland-headquartered Perrigo Company plc, a move that Perrigo has thus far rejected. As previously announced, on April 24, 2015, Mylan issued a Rule 2.5 announcement (amended on April 29, 2015) under the Irish Takeover Rules setting forth its legally binding commitment to commence an offer directly to the Perrigo shareholders for the entire issued and to-be-issued share capital of Perrigo. The proposed transaction remains subject to certain conditions and other terms set forth in the formal Rule 2.5 announcement.

Mylan raised its offer for Perrigo to $232.23, or about $34.1 billion, in cash and stock offer in late April following the rejection by Perrigo of an earlier bid by Mylan, but Perrigo again rejected the takeover offer. During this same period, Teva Pharmaceutical ‘industries made an approximate $43 billion bid to acquire Mylan, a deal that Mylan rejected. That pursuit was put to rest this week when Teva announced that it had agreed to acquire the generics business of Allergan (the new corporate name for the combined Actavis and Allergan) for $40.5 billion in a friendly acquisition proposal.

Despite Perrigo’s rebuffs, Mylan said it remains committed to acquiring Perrigo as it commented on the EC clearance. “Today marks yet another important milestone in the process of completing our acquisition of Perrigo and serves as further affirmation of the sound industrial logic of this compelling combination,” said Mylan’s Executive Chairman Robert J. Coury in a company statement. “We look forward to continuing on this path and completing the transaction in the coming months.”

Mylan N.V. will hold an extraordinary general meeting of shareholders in connection with its proposed acquisition of Perrigo in Amsterdam on August 28, 2015. Among other agenda items at the extraordinary general meeting, Mylan shareholders will meet to vote on the approval of the acquisition of all or any portion of the ordinary shares of Perrigo and the issuance of Mylan ordinary shares to Perrigo shareholders as part of the consideration in such an acquisition.

Source: Mylan (EC clearance) and Mylan (Shareholder meeting)

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