Dutch foundation requests cancellation of Mylan shares

HERTFORDSHIRE, England and PITTSBURGH — Mylan on Monday announced that the independent Netherlands-based foundation Stichting Preferred Shared Mylan requested that the preferred shares issued to it by Mylan be cancelled.

In July, Stichting Preferred Shares Mylan exercised its full call option on over 488,000,000 preferred shares in Mylan — a move aimed at fending off Teva’s since abandoned attempt at acquiring the pharmaceutical company. The foundation said Monday that it was cancelling the preferred shares issued by Mylan because it felt that potentially adverse influences had been addressed sufficiently by the company.

The cancellation requires shareholder approval, which Mylan’s board will announce to shareholders “in due course,” according to the company.