Mylan Gets Favorable Procedural Ruling in Proposed Acquisition of Perrigo
Mylan N.V. reports that the US District Court for the Southern District of New York has denied a motion by Perrigo Company plc for a preliminary injunction concerning Mylan’s proposed acquisition of Perrigo, ruling that Mylan had provided adequate public disclosures regarding the synergies expected to be achieved from the combination.
The court also ruled that Mylan’s disclosures regarding its intention to de-list Perrigo from the New York Stock Exchange and the Tel Aviv Stock Exchange soon as practicable following the consummation of the offer were appropriate.
Mylan has previously stated that it expects the combination of Mylan and Perrigo would result in at least $800 million of annual pre-tax operational synergies by the end of year four following the consummation of the offer. Under the terms of Mylan’s offer, Perrigo shareholders will receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share. On September 14, 2015 Mylan officially commenced its formal offer to acquire all outstanding ordinary shares of Perrigo, a move that Perrigo has thus far rejected. Perrigo has recommend that its shareholders not tender into Mylan’s offer.
In other news, Mylan reported that the Tel Aviv District Court denied a move by Perrigo Company to prevent Mylan from listing its shares on the Tel Aviv Stock Exchange. In a statement, Mylan’s Executive Chairman Robert J. Coury said: “We are very pleased by the Court’s ruling, clearing the way for the TASE to approve our listing and for Perrigo’s Israeli shareholders to participate in our highly compelling offer, which would provide them with immediate and significant accretion, 2.3 Mylan shares and $75 in cash for each Perrigo share tendered, as well as a highly attractive multiple. Mylan looks forward to receiving the final approval of the TASE, signaling our strong commitment to Israel and the Israeli market.”