Mylan Shareholders Approve Deal for Abbott’s Non-US Developed Markets Business
The shareholders of Mylan Inc. have approved the agreement implementing Mylan’s pending acquisition of Abbott’s non-US developed markets specialty and branded generics business and reorganization in the Netherlands in an all-stock transaction. The agreement implementing the transaction received the approval of approximately 98% of the votes cast, and the advisory vote on the proposal regarding certain compensation matters related to the transaction received the approval of approximately 82% of the votes cast.
As previously announced, upon closing of the transaction, Abbott will transfer its non-US developed markets specialty and branded generics business to a new public company organized in the Netherlands (“New Mylan”). Immediately following the transfer, Mylan will merge with a wholly owned subsidiary of New Mylan, and New Mylan will become the parent company of Mylan. The new public company will be called Mylan N.V. and will be led by the current Mylan leadership team. Under the transaction agreement, Abbott will receive 110 million shares of New Mylan upon closing, resulting in Mylan shareholders owning approximately 78% of New Mylan and Abbott owning approximately 22% of New Mylan. New Mylan’s shares will trade on Nasdaq under Mylan’s current ticker symbol, MYL.
Mylan also announced that,it received clearance from the European Commission (EC) under the European Union Merger Regulation for the transaction. The closing of the transaction remains subject to the satisfaction or waiver of certain conditions under the transaction agreement. Mylan continues to expect the transaction to close in the first quarter of 2015.