It seems Mylan NV (NASDAQ:MYL) will go to any length to secure its takeover of Perrigo Company plc.
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Mylan was also “likely to enter” the market for Hydromorphone hydrochloride, where Perrigo and Allergan hold ANDAs for 8 mg, 12 mg, and 16 mg extended release tablets, the FTC said. Mylan will sell the rights to the seven drugs to the Alvogen Group, a New Jersey-based generic drugmaker, which the FTC says has the capacity to replace the competition lost to the merger. Mylan officially commenced its formal offer to acquire all outstanding ordinary shares of Perrigo on September 14.
Mylan’s statement came after the company received USA antitrust approval for its hostile bid for Perrigo Co.
Headquartered in Ireland, Perrigo manufactures over-the-counter products and supplies infant formulas for the store brand market.
“In this regard, following the successful completion of our acquisition of Perrigo, and consistent with my comments during our Q3 Earnings Call last Friday and our previously announced steps to cancel the Mylan preferred shares issued to the stichting, Mylan will submit changes to corporate governance for a vote by shareholders of the combined Mylan-Perrigo entity at our next annual general meeting, including proposals regarding whether or not to retain the stichting structure as well as the process for nomination and election of directors”.
Mylan’s listing on the TASE follows its takeover bid for Perrigo, which is also listed on the TASE.
Mylan’s Executive Chairman Robert Coury, however, said that he was very confident that Perrigo shareholders would side with them. “Mylan merely catalogues areas where serious reform is needed, and offers highly contingent and illusory promises without any assurance that any change will ever be made”. And under Irish law, Mylan needs 80 percent of shareholder’s votes to take control of Perrigo.
Coury will be in Israel on Wednesday morning, November 4, to ring the opening bell for the Tel Aviv Stock Exchange (TASE). As a dual-listed company, Mylan is now exempt from publishing a prospectus, and the Tel Aviv District Court paved the way for its dual-listing last week by dismissing a Perrigo petition for a restraining order in the matter.
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Mylan is offering $75 in cash and 2.3 Mylan shares for each Perrigo share, in other words, $182 per share, constituting a 14% premium on the current Perrigo market price, and making the total deal worth $26.7 billion.
