Carl Icahn restates $20/share Mylan bid

In an open letter sent to Mylan chairman Milan Puskar on June 1, financier Carl Icahn and his High River LP affiliate restated their intention to acquire generic drugmaker Mylan Laboratories for $20.0 a share, which equates to more than $5.0 billion.

Mr Icahn, who is reportedly Mylan's largest shareholder, made a similar offer for the company late last year, but this was rejected by its board of directors who were, at the same time, pushing for a merger with King Pharmaceuticals and consequent access to the branded pharmaceuticals market (Marketletters passim).

The proposed marriage with King was surrounded by controversy right from the very start. The deal was valued at $4.00 billion, which several Mylan investors, including Mr Icahn, felt severely undervalued the group and would ultimately be dilutive to its shareholders.