Top Mylan execs to visit Israel to discuss Perrigo deal

Robert Coury and Heather Bresch
Robert Coury and Heather Bresch

Mylan plans to list its shares on the Tel Aviv Stock Exchange as part of its efforts to acquire Perrigo.

A few days after the Perrigo Company (NYSE:PRGO; TASE:PRGO) chairman Joseph Papa has visited Israel, a delegation of senior executives from its pharmaceutical suitor Mylan N.V. will visit Israel next week to meet with Perrigo shareholders in an attempt to persuade them to accept Mylan's offer to purchase. Mylan chairman Robert Coury will probably be among the delegation. As part of the visit, Mylan will moved forward with its plans to list its shares for trading on the Tel Aviv Stock Exchange (TASE). The road to listing Mylan's shares on the TASE was cleared yesterday, when Perrigo's petition for an injunction against Mylan was turned down.

After the Tel Aviv District Court dismissed Perrigo's petition yesterday, Coury said, "We're very satisfied with the ruling, which paves the way for the TASE to approve our being listed for trading and for the Perrigo shareholders to take part in our persuasive offer to purchase. We expect to come to Israel next week to discuss our attractive offer with Perrigo's shareholders."

The listing of Mylan for trading on the TASE in effect exempts the company from the requirement to submit an Israeli prospectus as part of its offer for purchase for Perrigo, and facilitates Mylan's takeover bid. Mylan needs acceptance of its offer by over 50% of Perrigo's shareholders.

Investment institutions in Israel hold 10% of Perrigo's shares. Mylan's offer to purchase is valid until November 13. Mylan is offering 2.3 of its shares and $75 per Perrigo share, a deal currently worth $25 billion. Perrigo chairman and CEO Joseph Papa said this week that the Mylan deal was bad for Perrigo shareholders.

Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Robert Coury and Heather Bresch
Robert Coury and Heather Bresch
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