Mylan Shareholders OK Acquisition Bid for Perrigo
The shareholders of Mylan N.V. have approved Mylan’s proposed approximate $35.6 billion acquisition of Perrigo Company plc and the related issuance of Mylan ordinary shares to Perrigo’s shareholders at an extraordinary general meeting of shareholders. The transaction received the approval of two-thirds of the votes cast at the extraordinary general meeting. In addition, the transaction received support from more than a majority of all outstanding ordinary shares.
Mylan’s Executive Chairman Robert J. Coury commented, “We sincerely appreciate our shareholders’ overwhelming support of this transaction, as well as their support of Mylan’s ongoing strategy. We believe the vote underscores shareholders’ clear understanding of, and support for, the strategic rationale and potential for value creation inherent in the combination of Mylan and Perrigo. 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.”
As previously announced on April 24, 2015, Mylan issued a Rule 2.5 announcement (amended on April 29, 2015 and on August 13, 2015) under the Irish Takeover Rules setting forth its legally binding commitment to commence an offer for the entire issued and to be issued shares of Perrigo. The proposed transaction remains subject to the pre-condition and certain conditions and other terms set forth in the formal Rule 2.5 announcement and other offer documents. Perrigo has thus far rejected Mylan’s acquisition efforts.