Mylan Inc. Announces Successful Matrix Delisting Offer
PITTSBURGH, June 1 /PRNewswire-FirstCall/ -- Mylan Inc. today announced that its wholly-owned subsidiary, MP Laboratories (Mauritius) Ltd, has completed its delisting offer for the publicly held shares of Matrix Laboratories Limited, the world's third largest active pharmaceutical ingredient manufacturer in which Mylan acquired a controlling interest in 2007.
Mylan has accepted the discovered price of 211 rupees per share, which was established by the reverse book building process prescribed by Indian regulations. Because a substantial number of shares were tendered at or below the discovered price, Matrix's public shareholding will fall below 8%, and, consequently, the company can be delisted from the Indian stock exchanges.
Mylan Chairman and CEO Robert J. Coury stated: "I am very pleased with this positive development in the Matrix delisting process. Not only is the transaction immediately accretive to Mylan, it enhances the ease of operations between the companies and increases operational efficiencies."
Mylan will initiate steps to delist Matrix from the Indian stock exchanges, after which Matrix will become a privately-held subsidiary.
Minority shareholders who did not tender their shares in the delisting offer will have an opportunity to tender at the discovered price within a 15 day period after final settlement of the shares tendered in the reverse book building process as well as during a six month period following the delisting.
This press release contains statements that constitute "forward-looking statements," including with regard to the delisting, the anticipated impact of the transaction on earnings and the company's expectations for the future. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: unexpected regulatory or legal challenges; changes in laws or regulations in India; changes in economic and financial conditions affecting the company's business; uncertainties and matters beyond the control of management; and the other risks detailed in the company's Form 10-Q for the quarter ended March 31, 2009, and its other reports filed with the Securities and Exchange Commission. The company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Mylan Inc., which provides products to customers in more than 140 countries and territories, ranks among the leading diversified generics and specialty pharmaceutical companies in the world. The company maintains one of the industry's broadest - and highest quality - product portfolios, supported by a robust product pipeline; owns a controlling interest in the world's third largest active pharmaceutical ingredient manufacturer; and operates a specialty business focused on respiratory and allergy therapies. For more information, please visit www.mylan.com.
CONTACT: Michael Laffin (Media), +1-724-514-1968, Dan Crookshank,
(Investors), +1-724-514-1813, both for Mylan Inc.
Web site: http://www.mylan.com/