Mylan N.V. (NASDAQ: MYL) shareholders have approved Mylan’s proposed acquisition of Perrigo Company plc (NYSE: PRGO; TASE). The transaction 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 N.V. will now submit an official bid.
Mylan’s Executive Chairman Robert J. Coury commented, “We sincerely appreciate our shareholders’ overwhelming support of this transaction. 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.”
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Mylan has bid about $30 billion for Perrigo. The Pharmaceutical company needs 50% of Perrigo’s shares to take control, or 80% to own the company outright.
Based in Ireland, Perrigo has three manufacturing sites in Israel and is traded on the TASE. Mylan has stated it would not delist Perrigo from the TASE if the takeover goes ahead.