Majority shareholder backing for Mylan acquisition of Perrigo

Netherlands-incorporated Mylan (Nasdaq: MYL) that its shareholders have approved its proposed $33 billion hostile acquisition of Ireland-based Perrigo (NYSE: PRGO) at an extraordinary general meeting of shareholders held today.

The transaction (The Pharma Letter April 29) received the approval of two-thirds of the votes cast at the extraordinary general meeting. In addition, the transaction received support from more than a majority of all outstanding ordinary shares. Mylan now intends to launch a formal offer to Perrigo shareholders in the coming weeks.

Mylan's executive chairman Robert Coury commented: "We sincerely appreciate our shareholders' overwhelming support of this transaction, as well as their support of Mylan's ongoing strategy. We believe the vote underscores shareholders' clear understanding of, and support for, the strategic rationale and potential for value creation inherent in the combination of Mylan and Perrigo. 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."