Mylan gains EU clearance for Perrigo acquisition

Netherlands-incorporated generic drugmaker Mylan (Nasdaq: MYL) says it has received regulatory clearance from the European Commission under the European Union Merger Regulation (EUMR) for its proposed, unsolicited acquisition of Ireland-based Perrigo (NYSE: PRGO).

Despite having had its offer rejected by Perrigo twice, Mylan's executive chairman Robert Coury commented: "Today marks yet another important milestone in the process of completing our acquisition of Perrigo and serves as further affirmation of the sound industrial logic of this compelling combination. We look forward to continuing on this path and completing the transaction in the coming months."

As previously announced, on April 24, Mylan issued a Rule 2.5 announcement (amended on April 29, 2015) under the Irish Takeover Rules setting forth its legally-binding commitment to commence an offer directly to the Perrigo shareholders for the entire issued and to be issued share capital of Perrigo. The proposed transaction remains subject to certain conditions and other terms set forth in the formal Rule 2.5 announcement.