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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (524)	11/30/2004 9:51:41 AM
From: richardred	Respond to of 7265

An interesting development in MYL. RPT-UPDATE 1-Perry acquires 9.89 percent stake in Mylan Labs Mon Nov 29, 2004 09:14 PM ET LOS ANGELES, Nov 29 (Reuters) - Investment firm Perry Corp. on Monday said it holds a 9.89 percent stake in Mylan Laboratories Inc. (MYL.N: Quote, Profile, Research) , exceeding the holdings of financier Carl Icahn who recently offered to acquire the generic drug maker. Two funds managed by Perry Corp., led by president Richard Perry, own 26.6 million shares of Mylan, according to the U.S. Securities & Exchange filing. Perry said the two investment funds also hold shares of King Pharmaceuticals Inc. (KG.N: Quote, Profile, Research) and he supports Mylan's plans to acquire the brand-name drug maker. Icahn, who has protested the $3.37 billion King deal, held a 9.78 percent stake in Mylan as of Nov. 19, when he offered to buy the remaining shares of Mylan for about $4.9 billion, or $20 a share. Last week, Mylan's board rebuffed Icahn's bid and said it remains committed to its planned purchase of King Pharmaceuticals. Pittsburgh-based Mylan said the Icahn offer was not "serious" and warned shareholders not to rely on Icahn's statements as factual. Officials at Mylan were not immediately available to comment on Perry's stake in the company. Icahn has balked at the price Mylan plans to pay for Bristol, Tennessee-based King, whose products are facing tough competition from cheaper rivals. King is also in the midst of reviewing its financial records. If King restates its results, Mylan would have the right to call off the acquisition. Icahn has said he knows of three potential buyers who would have an interest in Mylan but declined to name them. Shares of Mylan fell 26 cents, or 1.4 percent, to close at $18.34 on the New York Stock Exchange, while shares of King fell 25 cents, or more than 2 percent, to close at $11.59. yahoo.reuters.com

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