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FTC approves hostile Mylan takeover of Perrigo with conditions

Reuters - UK Focus

WASHINGTON, Nov 3 (Reuters) - Mylan (Berlin: 6MY.BE - news) received U.S (Other OTC: UBGXF - news) . antitrust approval for a hostile takeover of Irish-based generic drugmaker Perrigo Co, the Federal Trade Commission said on Tuesday.

Netherlands-based Mylan made a bid for Perrigo in April (LSE: 0N69.L - news) and went hostile in September. Perrigo shareholders have until Nov. 13 to accept its tender offer. Under Irish law, Mylan needs 80 percent of shareholders' votes to take control of Perrigo.

The FTC approved the prospective deal on condition the companies sell rights to seven generic medicines. (Reporting by Diane Bartz; Editing by Peter Cooney)