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Glass Lewis Recommends Mylan Shareholders Vote For Perrigo Transaction Proposal

HERTFORDSHIRE, England and PITTSBURGH, Aug. 12, 2015 /PRNewswire/ -- Mylan N.V. (MYL) today announced that Glass Lewis & Co., one of the leading U.S. proxy advisory firms, has published a report recommending that Mylan shareholders support Mylan's proposed acquisition of Perrigo Company plc (NYSE: PRGO; TASE).

In its recommendation Glass Lewis highlighted:

  • Mylan's strong track record as an industry consolidator and of integrating acquisitions,
  • The attractive run-rate synergies inherent in the combination which "appear conservative relative to recent industry transactions,"
  • The likely "expansion in the combined firm's forward valuation when viewed relative to Mylan on a stand-alone basis," and
  • The expectation that there is "substantial trading value upside for existing Mylan investors" if the synergies are achieved and Mylan's post-closing multiple expands.

In conclusion, Glass Lewis noted: "Strategically, we believe the (Mylan) board's salient arguments appear sound, with the combination expected to result in substantial portfolio diversification, an expanded global research and manufacturing platform and a potentially substantial reduction in operating costs. These benefits appear to dovetail with the remainder of the offer's financial underpinnings, which provide potentially material valuation upside."

Mylan's Executive Chairman Robert J. Coury commented, "We are pleased that Glass Lewis has affirmed the substantial and sustained value inherent in this transaction. Mylan and Perrigo together will be a unique force in the market able to leverage one of the industry's broadest and most diversified portfolios coupled with immense reach across distribution channels around the world. Mylan has a long track record of executing against a clear strategic plan to generate significant value for shareholders organically and inorganically. We are confident our shareholders recognize the potential of this transaction and look forward to making this combination a reality."

Mylan urges its shareholders to vote "FOR" the proposal to approve the Perrigo transaction described further in its definitive proxy statement that has been filed with the SEC. Mylan intends to launch its offer to acquire Perrigo's ordinary shares after its receives the approval of Mylan shareholders at the upcoming extraordinary general meeting.

ABOUT MYLAN

Mylan is a global pharmaceutical company committed to setting new standards in healthcare. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service excellence a habit; do what's right, not what's easy; and impact the future through passionate global leadership. We offer a growing portfolio of around 1,400 generic pharmaceuticals and several brand medications. In addition, we offer a wide range of antiretroviral therapies, upon which nearly 50% of HIV/AIDS patients in developing countries depend. We also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in about 145 countries and territories. Our workforce of approximately 30,000 people is dedicated to creating better health for a better world, one person at a time. Learn more at mylan.com.

FORWARD-LOOKING STATEMENTS

This communication contains "forward-looking statements." Such forward-looking statements may include, without limitation, statements about the proposed acquisition of Perrigo Company plc ("Perrigo") by Mylan N.V. ("Mylan") (the "Perrigo Proposal"), Mylan's acquisition (the "EPD Transaction") of Mylan Inc. and Abbott Laboratories' non-U.S. developed markets specialty and branded generics business (the "EPD Business"), the benefits and synergies of the Perrigo Proposal or EPD Transaction, future opportunities for Mylan, Perrigo, or the combined company and products, and any other statements regarding Mylan's, Perrigo's, or the combined company's future operations, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, competition, and other expectations and targets for future periods. These may often be identified by the use of words such as "will," "may," "could," "should," "would," "project," "believe," "anticipate," "expect," "plan," "estimate," "forecast," "potential," "intend," "continue," "target" and variations of these words or comparable words. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: uncertainties related to the Perrigo Proposal, including as to the timing of the offer and compulsory acquisition, whether Perrigo will cooperate with Mylan and whether Mylan will be able to consummate the offer and compulsory acquisition, whether Mylan shareholders will provide the requisite approvals for the Perrigo Proposal, the possibility that competing offers will be made, the possibility that the conditions to the consummation of the offer will not be satisfied, and the possibility that Mylan will be unable to obtain regulatory approvals for the offer and compulsory acquisition or be required, as a condition to obtaining regulatory approvals, to accept conditions that could reduce the anticipated benefits of the offer and compulsory acquisition; the ability to meet expectations regarding the accounting and tax treatments of a transaction relating to the Perrigo Proposal and the EPD Transaction;...


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