Mylan will not make profit forecasts while considering Perrigo acquisition

HERTFORDSHIRE, England - Mylan on Monday announced that it was asked by the Irish Takeover Panel to issue a clarification and retraction in accordance with the Irish Takeover Rules, relating to its firm intention to make an offer to acquire Perrigo. 

 

The clarification and retraction relates to certain forward-looking statements made by Mylan specifically during the "offer period" concerning its long-stated target since 2012 of at least $6 in adjusted diluted earnings per share by 2018, included recently in Mylan's first quarter earnings press release of May 5, 2015. 

 

Subsequent to the May 5 earnings release, Perrigo submitted a complaint to the Irish Takeover Panel alleging that the reference to Mylan's long-term target should be treated as a forward-looking profit forecast statement for purposes of the Takeover Rules, and therefore must comply with the terms of the Takeover Rules.

 

"Although Mylan's longstanding adjusted diluted EPS goal has been a well stated long-term target, and not a forecast of Mylan, at least during the offer period as it pertains to the Perrigo transaction, Mylan will no longer refer to that 2018 target or any other forward looking statements beyond 2015 that could constitute profit forecasts under the [Takeover] Rules," Mylan stated. "Mylan fully intends to continue to comply with all requirements of the Takeover Rules and asks that investors be mindful of these rules and therefore patient and respectful of these requirements during the pendency of the offer period."