Two-Thirds of Mylan Shareholders Support Acquisition of Perrigo

Mylan continues to breathe down Perrigo’s neck, announcing that two-thirds of votes cast during Friday’s shareholders meeting support the hostile takeover of the Dublin-based company.

Mylan plans to offer $75 and 2.3 ordinary shares of stock for each Perrigo ordinary share to acquire more than 50 percent of the company. The drugmaker initially planned to buy 80 percent of Perrigo, but downsized that figure on Aug. 13.

As they have been since Mylan announced its intentions on April 8, Perrigo officials are confident that shareholders will reject the offer.  They maintain the offer substantially undervalues the company and would dilute its growth profile. The proposed deal is valued at about $34 billion.

In an SEC filing, Mylan says the merged companies could see pretax anticipated revenues of $800 million by the end of the fourth year, and adds that it could manage any risks associated with operating Perrigo as a controlled subsidiary. — John Bechtel