PITTSBURGH Mylan Laboratories announced that it is commencing tender offers to purchase for cash any and all of its outstanding 5.750% Senior Notes due 2010 and 6.375% Senior Notes due 2015.
Mylan is making the tender offers as part of a broader strategy to establish its new global capital structure and in preparation for the consummation of its previously announced proposed acquisition of Merck’s generic pharmaceutical business. The share purchase agreement between Mylan and Merck Generics Holding GmbH, Merck S.A., Merck Internationale Beteiligung GmbH and Merck KGaA was dated May 12, 2007.
In conjunction with the tender offers, Mylan is also soliciting consents from the notes’ holders eliminate substantially all of the restrictions and rules governing the notes. Holders, therefore, cannot tender their notes without delivering their consent and cannot deliver a consent without tendering their notes.
Each of the tender offers will expire at 12:00 a.m. EST on September 28, 2007, unless any tender offer is extended at the sole discretion of Mylan.