POST Online Media Lite Edition


Perrigo wants judge to stop Mylan going hostile

Staff writer |
A lawyer for Perrigo urged a federal judge in Manhattan to stop Mylan from moving forward with its unsolicited offer until it corrects what he called misleading statements to Perrigo shareholders.

Article continues below

Attorney Bradley Wilson's argument to U.S. District Judge Naomi Reice Buchwald focused on Mylan's promise that the deal would yield $800 million per year in synergies, and Mylan would de-list Perrigo from the New York Stock Exchange.

Attorney Wilson argued that the $800 million projection was based on Mylan's original plan to get full ownership of Perrigo, but that it stuck to that number even after saying it would settle for majority ownership.

Opening the door to majority ownership "completely changed the ballgame," he said, because Perrigo would remain a separate company whose interests could be opposed to Mylan's.

Mylan's attorney, Sandra Goldstein, said the $800 million estimate was "conservative" and Mylan expected to realize it no matter what. She also said the relationship between Mylan and a majority-owned Perrigo would not be hostile.

What to read next

Mylan updates offer for Perrigo, could lower the acceptance condition
Perrigo rejects Mylan's tender offer
Mylan now says Perrigo is not a must...