Mylan shareholders approve proposed Perrigo acquisition

HERTFORDSHIRE, England and Pittsburgh — Mylan announced Friday that its shareholders had voted in favor of its proposed acquisition of Perrigo at their annual shareholders meeting. Two-thirds of the votes were cast in favor of the transaction.

“We sincerely appreciate our shareholders' overwhelming support of this transaction, as well as their support of Mylan's ongoing strategy,” Mylan executive chairman Robert Coury said. “We believe the vote underscores shareholders' clear understanding of, and support for, the strategic rationale and potential for value creation inherent in the combination of Mylan and Perrigo.”

Now, Mylan will move forward with its plans to tender a formal offer directly to Perrigo’s shareholders. Though Coury expressed confidence that “they too will support this unique and compelling transaction,” Perrigo’s chairman, president and CEO Joseph Papa is confident in the opposite outcome.

“Following extensive discussions with our shareholders, we are confident that most of them believe that Mylan's offer substantially undervalues Perrigo and would dilute our growth profile and superior valuation,” Papa said.