Drugmaker Mylan NV lost its bid on Friday to take over Ireland-based Perrigo Co after it failed to get enough support from shareholders in its hostile US$35 billion bid.
Mylan had spent seven months in pursuit of Perrigo, which makes over-the-counter medications such as Claritin and Sudafed.
The proposed deal would have been a follow-up to Mylan’s US$5.3 billion takeover of Abbott Laboratories’ non-US generic drug business, which the company used to move its headquarters to low-tax Amsterdam in the Netherlands.
Mylan, long known as a leader in generics, said that Perrigo shareholders tendered only 40 percent of the total shares for its offer, well below the 50 percent threshold needed to seal the deal. After the deadline, the offer lapsed, ending the bid.
The company said it was ready to move on. Executive chairman Robert Coury said in a statement that his company has already identified some new acquisition possibilities.
“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,” he said.
The move ends one of the more protracted hostile acquisition efforts of the last year. Mylan first made its takeover bid in April, saying that a merger would create a drugmaker with strengths in both generic treatments, its specialty, and branded products, which is Perrigo’s focus.
Yet analysts on Wall Street speculated that the move took place because Mylan was under pressure from an even bigger pharmaceutical rival, Teva Pharmaceutical Industries Ltd.
However, Teva walked away and instead chose to buy a division of the Botox maker Allergan PLC.
Perrigo’s board repeatedly said Mylan’s offers were too low.
“We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects,” Perrigo chairman and chief executive Joseph Papa said on Friday.
“I am delighted that Perrigo shareholders voiced their clear support for this management team and our long-term strategy.”
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
RSS