Generic pharmaceutical giant Mylan N.V. (Nasdaq: MYL) has announced that the Tel Aviv District Court has dismissed a petition by its takeover target Perrigo Company (NYSE:PRGO; TASE:PRGO) to prevent it from dual-listing on the Tel Aviv Stock Exchange (TASE).
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Perrigo shareholders have until November 13 to accept the offer.
“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”, Mylan chairman Robert Coury said. He stated: “We look forward to traveling to Israel next week to personally celebrate our new listing and meet directly with Perrigo shareholders to further discuss our attractive offer”. The Irish over-the-counter drug specialist had sought the injunction to block Mylan’s hostile tender offer for Perrigo’s shares. Mylan NV’s Wall Street analysts see 50.55% EPS growth, taking into account the $0.91 EPS reproted in the previous quarter, The stock increased 1.81% or $0.8 during the last trading session, hitting $44.89.
Mylan NV, which has made a hostile bid for Perrigo Co Plc, posted a better-than-expected quarterly profit as sales of its generic drug increased in North America and Europe. Whereas Mylan’s lawyer countered the statement, claiming the remarks were merely misunderstood. He seemed confident that Mylan won’t succeed in its tender offer, until it extends the deadline.
In late August, Mylan won approval for the bid from two-thirds of votes cast at its shareholder meeting. However, Mylan lowered the threshold to a simple majority.
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Mylan had previously said it expected the joined companies to produce at least $800 million of yearly operational savings by the fourth year of the merger, the company said in a news release. If Mylan is successful in acquiring Perrigo, the drug maker would expand its portfolio in counter consumer products, nutritional products, and generic topical medicines.
