Generic pharmaceutical giant Mylan N.V. (Nasdaq: MYL) has announced that the Tel Aviv District Court has dismissed a petition by its takeover target Perrigo Company (NYSE:PRGO; TASE:PRGO) to prevent it from dual-listing on the Tel Aviv Stock Exchange (TASE). The court ruling is another hurdle overcome for Mylan in its $25 billion hostile takeover bid for Perrigo.
Mylan chairman Robert Coury said, ""We are very pleased by the court's ruling, clearing the way for the TASE to approve our listing and for Perrigo's Israeli shareholders to participate in our highly compelling offer, which would provide them with immediate and significant accretion, 2.3 Mylan shares and $75 in cash for each Perrigo share tendered, as well as a highly attractive multiple. Mylan looks forward to receiving the final approval of the TASE, signaling our strong commitment to Israel and the Israeli market. We look forward to traveling to Israel next week to personally celebrate our new listing and meet directly with Perrigo shareholders to further discuss our attractive offer."
He added, "We are extremely attracted to the innovative R&D and biotech ecosystem and talent pool that exist in Israel, and we are very excited to learn more about the opportunities for Mylan in this dynamic market. Not only will listing Mylan's shares on the TASE maintain liquidity in Israel for the convenience of those Perrigo shareholders in Israel who prefer to trade on the TASE, it also will allow Mylan to access a new shareholder base irrespective of the Perrigo offer."
"Globes" first revealed in June that Mylan planned listing on the Tel Aviv Stock Exchange if it succeeded in acquiring Perrigo, which would need to be delisted. Perrigo petitioned the Tel Aviv District Court to prevent Mylan from listing in Tel Aviv as part of its plans to take it over.
Earlier this week, Perrigo chairman and CEO Joseph Papa was in Israel to persuade institutional investors with holdings in his company that Mylan's bid would be a bad deal and undervalues the company.
Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2015
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