Mylan's Biggest Holder Set to Unload Shares

March 22, 2005

Billionaire financier Carl Icahn is about to reclaim his crown as Mylan Laboratories' largest shareholder. The current titleholder, hedge fund operator Richard Perry, disclosed recently that he intended to liquidate his 9.9 percent stake in the Canonsburg generic drugmaker now that Mylan has canceled plans to acquire King Pharmaceuticals. Perry purchased 26.6 million Mylan shares in order to make sure Mylan shareholders approved the King acquisition. Perry used security-based swap agreements to basically break even on his Mylan investment and intended to make money when Mylan purchased King's shares.