Speculating in Takeover Targets Message Board

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Strategies & Market Trends : Speculating in Takeover Targets

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Feb 6 9:30 AM EST

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To: richardred who wrote (524)	12/11/2004 9:55:49 PM
From: richardred	of 7265

Icahn: Investor Pounces On King Restatement, Bashes Mylan Board Greg Levine, 12.09.04, 6:45 PM ET King Pharmaceuticals (nyse: KG - news - people ) on Wednesday said earnings for 2002, 2003 and the first six months of 2004 will be restated. Mylan Laboratories (nyse: MYL - news - people ), seeking to acquire King for $4 billion, may not be happy with the restatement news, but for one Mylan investor, it might be just what the doctor ordered. Mylan's No. 2 shareholder Carl Icahn, who opposed the planned acquisition from the beginning, seized the day thursday. As King's restatement can be construed a technical violation, Mylan has the right to renege on its offer without ponying up an $85 million breakup fee. Icahn pounced on this point in a letter penned to Mylan's board. "Mylan continues to leave shareholders uninformed as to its position on this matter," Icahn's missive thundered. "We view this lack of disclosure to shareholders as reprehensible and insulting." How the market views this "lack" is another matter: Many observers polled believe the merger will proceed nonetheless. More... forbes.com

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