Mylan to Buy Back $1 Billion in Stock
November 16 2015 - 12:50PM
Dow Jones News
Mylan NV received board approval to repurchase up to $1 billion
of its shares, three days after losing its hostile bid for Perrigo
Co.
The authorization expires Aug. 27, 2016.
Mylan Executive Chairman Robert Coury said the board's
authorization "provides us with optimal flexibility and allows us
to be opportunistic in repurchasing shares, thereby investing in
Mylan's strong growth prospects and exciting future, which we
continue to believe are substantially undervalued."
Mylan suffered defeat Friday in a landmark hostile takeover bid,
dealing a blow to the generic-drug maker.
Perrigo shareholders rejected Mylan's $26 billion takeover
offer, the companies said Friday. The outcome surprised many
analysts and investors who predicted Mylan would eke out a victory
in its pursuit of Dublin-based Perrigo, which principally makes
store-brand versions of cold and allergy medicines.
Write to Anne Steele at Anne.Steele@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 16, 2015 12:35 ET (17:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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