Mylan Holders Approve Perrigo Purchase

Mylan N.V. said Friday that its shareholders have approved its proposed $35.6 billion takeover of Perrigo Company PLC and it will launch a formal offer soon.

A representative from Perrigo could not immediately be reached for comment.

The proposed deal—which has been swiftly opposed by Perrigo at every turn—was approved by more than two-thirds of shareholders at a general meeting. It also received support from more than a majority of outstanding ordinary shares.

"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," said Mylan Executive Chairman Robert Coury.

Mylan has been pursuing Perrigo for months, part of the time while it was a target of a takeover itself by Teva Pharmaceutical Industries Ltd., before Teva went another direction and agreed to buy Allergan PLC's generics unit.

Mostly recently, in April, Mylan raised its bid to $35.6 billion from about $33 billion. Then, Mr. Coury said the company made a "'hell or high water' commitment" to close the deal and obtain clearance. Perrigo has said the offer undervalues the company.

Mylan and Perrigo generally compete in different segments of the generic-drug business. Mylan is best-known for selling generic prescription drugs, though its top-selling product is the EpiPen emergency treatment for allergic reactions. Perrigo makes over-the-counter cough-and-cold remedies and infant formula for chains like Wal-Mart Stores Inc. and Walgreens, which sell the products under their own names.

Neither company is a household name, but a combination of Mylan and Perrigo would create one of the world's top sellers of low-price medicines with $15.3 billion in yearly sales.

Under takeover rules in Ireland, where Perrigo is based, Mylan is obligated to make a public announcement once it has started the formal process of acquiring another company.

Shares of both are inactive premarket. Perrigo shares have increased about 13% this year, while Mylan shares have fallen about 9%.

Write to Angela Chen at [e-mail]

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(END) Dow Jones Newswires

August 28, 2015 08:05 ET (12:05 GMT)

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