|
 In a filing in Manhattan federal court, Mylan sought an order
requiring Perrigo to correct "false and misleading statements" it
made as part of an effort to prevent any merger.
The counterclaims were filed after Perrigo last Thursday sought an
injunction to block the closing of any tender offer unless Mylan
corrected its own alleged misleading statements to Perrigo
shareholders about a potential merger.
Perrigo's lawsuit said Mylan overstated potential synergies, and
falsely claimed power to delist Perrigo shares in an effort to
strong-arm acceptance of the tender offer.
But in Tuesday's filing, Mylan said Perrigo management including CEO
Joseph Papa, sought to mislead its own shareholders into rejecting
an offer "that is, in fact, in their best interest."
Mylan said Papa for six weeks made public statements against the
proposed deal without disclosing that he had in March made a
"conflicting purchase" of more than $220,000 in Mylan stock.
He then "inundated" shareholders with false statements about the
proposed deal through an investor presentation and in media
interviews, Mylan said.
Mylan filed its counterclaims after earlier in the day saying that
at the request of the Irish Takeover Panel, it would qualify a Sept.
8 statement that could itself be misleading and violate Irish
takeover rules.
Mylan had in that statement said that Perrigo's stock had been
"protected from the recent sell-off in the markets, solely as a
result of our offer."
A spokesman for Perrigo did not immediately respond to a request for
comment. A spokeswoman for Mylan had no immediate comment.
[to top of second column] |
Netherlands-based Mylan has offered $75 in cash and 2.3 of its
shares for each Perrigo share, a combination now worth $182.30 based
on Mylan's Tuesday closing price of $46.65. Perrigo shares closed
down $2.86 at $171.97.
Perrigo shareholders have until Nov. 13 to take part in the tender
offer.
Shareholders often wait until near the closing date before deciding
to participate, so it is unclear if Mylan will succeed.
Buying Perrigo would give Mylan over-the-counter consumer and
nutritional products and a line of generic topical medicines.
A takeover would be the latest in a string of recent
multibillion-dollar pharmaceutical deals, including Valeant
Pharmaceuticals International Ltd's $11 billion acquisition of Salix
Pharmaceuticals Ltd and AbbVie Inc's ABBV.N $21 billion offer for
Pharmacyclics Inc.
(Reporting by Nate Raymond; Editing by Lisa Shumaker and Christian
Plumb)
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