Global generic and specialty pharmaceutical company Mylan N.V.'s offer to acquire all issued and to-be-issued share capital of Perrigo Company plc expired Nov. 22.
Approximately 40 percent of Perrigo’s outstanding ordinary shares were validly tendered in the offer; however, as outlined in the Sept. 14 Offer to Exchange/Prospectus, the acceptance conditions to the offer made by Mylan weren't satisfied.
Since the offer expired, both Mylan and tendering Perrigo shareholders will no longer be bound by prior acceptances.
"As we have said all along, Mylan viewed Perrigo as a unique and exciting opportunity, but not one that was required for the future success of our company,” Mylan's Executive Chairman Robert J. Coury said. “With one of the strongest balance sheets in our industry, including a debt to adjusted EBITDA ratio of 2x1, as well as our well-recognized prowess in identifying attractive external assets, we are well-positioned to quickly execute on the next strategic, value-enhancing opportunities for our business, some of which we have already identified.”
Perrigo ordinary shares that have been already tendered by Perrigo shareholders will no longer be valid for exchange and will be returned accordingly.