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FTC approves Mylan's hostile bid for Perrigo with conditions

Reuters - UK Focus

(Adds details on corporate governance dispute)

WASHINGTON, Nov 3 (Reuters) - Mylan (Berlin: 6MY.BE - news) received U.S (Other OTC: UBGXF - news) . antitrust approval for its hostile bid for Irish-based generic drugmaker Perrigo Co under the condition Mylan sells seven drugs to Alvogen Group Inc, the Federal Trade Commission said on Tuesday.

Netherlands-based Mylan made an offer for Perrigo in April (LSE: 0N69.L - news) , which was rejected, 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.

In a letter to shareholders on Tuesday, Perrigo Chief Executive Joseph Papa reiterated his opposition to a deal with Mylan, calling its offer "grossly inadequate" and accusing Mylan of "poor corporate governance practices."

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Mylan has been criticized for using a type of poison pill available under Dutch law called "stichting" to fend off an offer by Teva this year. It (Other OTC: ITGL - news) was also criticized for giving the chairman of the board of directors the power to essentially veto shareholders' decision to fire him or her.

Mylan Executive Chairman Robert Coury reiterated on Tuesday that if the deal with Perrigo goes through that Mylan would allow shareholders to vote to scrap both practices.

He also said that he was "very confident" that Perrigo shareholders would side with Mylan. "We are delighted to have received FTC clearance, making our offer for Perrigo now unconditional other than the one final step, which now rests solely in the hands of Perrigo shareholders," he said.

The seven drugs that Mylan has agreed to sell are bromocriptine mesylate (diabetes and Parkinson's disease), clindamycin phosphate/benzoyl peroxide (acne), liothyronine sodium (thyroid ailments) polyethylene glycol 3350 (a laxative), acyclovir (herpes), hydromorphone hydrochloride (pain) and scopolamine (nausea). (Reporting by Diane Bartz; Editing by Sandra Maler and Cynthia Osterman)