Mylan Lowers Acceptance Condition on Perrigo Offer to Greater than 50%
Mylan today announced that it has lowered the acceptance condition for its offer to acquire Perrigo Company from not less than 80% of Perrigo ordinary shares to greater than 50% of Perrigo shares.
Aug. 13, 2015
/ -- Mylan N.V. (NASDAQ: MYL) today announced that it has formally lowered the acceptance condition for its offer to acquire Perrigo Company plc (NYSE: PRGO; TASE) from not less than 80% of Perrigo ordinary shares to greater than 50% of Perrigo ordinary shares.
As previously announced, on
Aug. 6, 2015
, Mylan entered Amendment No. 2 to its bridge credit agreement which allows Mylan to lower the acceptance condition to a number of Perrigo ordinary shares representing more than 50% of the voting rights then exercisable at a general meeting of Perrigo without further consent from the lenders.
Mylan Executive Chairman
Robert J. Coury
commented, "Mylan remains fully committed to completing the acquisition of Perrigo and today's action even further demonstrates this commitment. We intend to launch our offer to acquire Perrigo's ordinary shares after we receive the approval of our shareholders at our upcoming extraordinary general meeting, and we look forward to making this combination a reality in the coming months."
April 24, 2015
, Mylan issued a Rule 2.5 announcement (amended on
April 29, 2015
) under the Irish Takeover Rules setting forth its legally-binding commitment to commence an offer directly to the Perrigo shareholders for the entire issued and to be issued share capital 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.
Following this decision by Mylan, the acceptance condition set out in the Rule 2.5 announcement is therefore in respect of valid acceptances being received in respect of Perrigo Shares Affected (within the meaning of the Rule 2.5 announcement) representing greater than 50% in nominal value of the Maximum Perrigo Shares Affected (within the meaning of the Rule 2.5 announcement), which carry, or if allotted and issued, or re-issued from treasury would carry, greater than 50% of the voting rights attaching to the Maximum Perrigo Shares Affected.