FTC approves modified consent order for Mylan
The US Federal Trade Commission has approved a modified final order settling charges that Mylan’s (Nasdaq: MYL) proposed hostile takeover of Ireland-based Perrigo (NYSE: PRGO) would harm competition.
Because Mylan failed to obtain the required threshold of Perrigo shares to succeed in its unsolicited offer, Mylan abandoned the proposed acquisition (The pharma Letter November 13, 2015).
Netherlands-based Mylan offered around $26 billion, $75 in cash and 2.3 Mylan shares for each Perrigo share, which the latter has several times rejected as inadequate over some seven months of wrangling (TPLs passim).
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