Mylan To Commence Formal Offer To Acquire Perrigo - Quick Facts

(RTTNews) - Mylan N.V. (MYL) issued a Rule 2.5 announcement setting forth its legally-binding commitment to commence an offer for the entire issued and to be issued share capital of Perrigo. Perrigo shareholders will receive $60 in cash and 2.2 Mylan ordinary shares for each Perrigo ordinary share. The offer is subject to certain conditions and other terms set forth in the formal Rule 2.5 announcement.

Following the consummation of the deal, Mylan shareholders will own approximately 61.8% of the outstanding Mylan ordinary shares on a fully diluted basis and former Perrigo shareholders will own approximately 38.2% of the outstanding Mylan ordinary shares on a fully diluted basis. Mylan expects the combination will result in at least $800 million of annual pre-tax operational synergies by the end of year four following the consummation of the offer.

Mylan said the company fully intends to comply with all requirements of the Irish Takeover Rules that govern the process. Mylan cautioned investors that the company will be limited in its ability to disclose certain forward-looking information.

Mylan's Executive Chairman Robert Coury said: "While we are disappointed by the decision of the Perrigo Board to reject our proposal without entering into discussions thus far, we are still hopeful and confident that we can engage with their Board about our offer and how to best bring our organizations together."