Mylan heeft er 28,9 miljard dollar voor over om Perrigo in te lijven. Dat bod stemt overeen met 205 dollar per aandeel, blijkt uit een persbericht van Mylan. Daarmee ligt het bod 25 procent boven de slotkoers van afgelopen vrijdag.
Mylan-topman Robert Coury heeft in een brief aan Perrigo-CEO Joseph Papa de voordelen van een samensmelting van de twee farmareuzen opgesomd. Coury ziet complementariteit en synergieën, en stelt vast dat beide bedrijven gelijkaardige 'cultuur- en kernwaarden' hanteren. Opvallend is dat Coury uitdrukkelijk vermeldt dat hij een 'belangrijke rol' ziet in het fusiebedrijf voor leden van het managementteam van Omega Pharma van Marc Coucke.
'We also envision important roles in the combined company for members of Marc Coucke's Omega Pharma management team.'
Het bod van vandaag volgt kort op de definitieve overname van Omega Pharma door Perrigo.
Perrigo nam Omega Pharma over voor 3,6 miljard euro. Het overnamebedrag bestaat uit 2,48 miljard euro voor de aandelen van het bedrijf met zetel in het Oost-Vlaamse Nazareth, en de overname van 1,1 miljard euro schuld.
Topman Coucke werd gedeeltelijk in Perrigo-aandelen uitbetaald. (Bloomberg/Belga/BO)
De volledige brief van Mylan-topman Coury aan Perrigo-topman Papa leest u hieronder (bron website www.mylan.com)
As you and I have discussed on a number of occasions over the past few years, a combination of Mylan and Perrigo offers clear and compelling strategic and financial benefits, has sound industrial logic, and would create a global leader with a unique and one-of-a-kind profile. We have complementary operations across all of our businesses, both from a product and geographic perspective. In an environment where scale and reach are becoming increasingly important, the combination of our companies would result in an unmatched global platform, substantial revenue and operating synergies, and enhanced long-term growth potential, all of which would serve to create significant value for the combined company's shareholders and other stakeholders.
Based on our many conversations over the years and my knowledge of Perrigo, I have often noted the similarity in the culture and core values of our two companies. We both place paramount emphasis on integrity, respect and responsibility in our commitment to provide the world's 7 billion people access to the broadest range of affordable, high quality medicine. We also have a common focus on innovation, reliability and excellent customer service. Most importantly, all of our people are dedicated to creating better health for a better world, one person at a time. This shared culture and these common values will be key contributors to a successful integration.
For the foregoing reasons, I am writing on behalf of Mylan to propose a combination of Mylan and Perrigo in a transaction that would deliver to your shareholders significantly greater near-term and long-term value than they could otherwise obtain on a standalone basis. Our proposal is the natural culmination of our prior discussions and reflects our shared vision for the industry. This is the right time for our two companies to move forward together, and Mylan and our Board are firmly committed to making this combination a reality.
Specifically, we propose to offer Perrigo shareholders $205 in a combination of cash and Mylan stock for each Perrigo share, which represents a greater than 25% premium to the Perrigo trading price as of the close of business on Friday, April 3, 2015, a greater than 29% premium to Perrigo's sixty-day average share price and a greater than 28% premium to Perrigo's ninety-day average share price.
Our proposal provides a very significant cash payment to Perrigo shareholders. In addition, even with conservative assumptions for what we believe to be significant and meaningful synergies coming from both companies, our proposal provides Perrigo shareholders with an even greater equity value in the combined company than they currently have in Perrigo today.
In addition to the compelling value to shareholders, a combination of Mylan and Perrigo would offer substantial benefits to the other stakeholders of both companies. In particular, the combination would provide a broader variety of opportunities to our employees and increased stability for the communities in which we operate and serve. The position of our creditors and suppliers would be enhanced by the combined company's scale and significant free cash flows, and patients would receive improved access to affordable, high quality medicine through increased scale across geographies and robust capabilities to drive innovation.
As you and I have acknowledged in our prior discussions, we have no doubt that you and your Board will recognize the compelling logic of this transaction as outlined below:
- Highly complementary businesses with strong presence in key developed and emerging markets around the world; Attractive, diversified portfolio with critical mass across generics, OTC, specialty brands and nutritionals; Powerful commercial platform with strong reach across multiple channels, giving the combined company an increasingly important strategic advantage in light of the evolving distributor and payor dynamics across geographies; World-class operating platform, including an unrivaled combined manufacturing platform, renowned supply chain capabilities, vertical integration and global sourcing excellence with the cost advantages and flexibility to be a leading reliable source of high quality products around the world; and Strong R&D capabilities, including broad technological capabilities across prescription, OTC and nutritionals products, and expertise in complex, difficult-to-formulate products, which would continue to expand our pipeline and drive long-term growth.
Our proposed transaction not only makes compelling strategic sense, it also results in a combined company with a very strong financial profile, including:
- Approximately $15.3 billion in 2014 pro forma sales; Substantial free cash flows driving rapid deleveraging and enhanced reinvestment into the business; Compelling synergies resulting in operating margin expansion and EPS accretion; Scope for meaningful revenue synergies given the strength of the combined business, rich pipeline of launches, and opportunities to mean more to our customers across business lines; A much stronger, larger and more diverse platform to create enhanced and more predictable earnings growth; and Greater opportunities for continued growth through strategic acquisitions.
Mylan is a seasoned integrator and quality operator, and we have extensive and proven experience in successfully integrating combinations like this one and capturing the significant value we see ahead.
We and our advisors have carefully studied the regulatory aspects of a combination of Mylan and Perrigo, and we are confident that we would be able to structure a transaction that would not pose material impediments to closing.
The Mylan Board would like to offer you the opportunity to serve with me as co-Chairman and as a member of the Mylan Board. In addition, I look forward to discussing with you the possibility of potentially including other Perrigo directors on the Mylan Board.
The Mylan Board believes that continuity of our management team, with its successful track record of execution and proven strategic vision, is critical to the success of the combined company. As such, I will continue to serve as Mylan's Executive Chairman, Heather Bresch will continue to serve as CEO and Rajiv Malik will continue to serve as President. Our Board also has great respect for your senior management team, and we envision the combined company leveraging the best of our collective management and employee talent. To that end, we are hopeful that, among others at Perrigo, Judy Brown and Todd Kingma would be willing to serve in important roles with the combined company. We also envision important roles in the combined company for members of Marc Coucke's Omega Pharma management team. We look forward to exploring with you other ways of maximizing the benefits to our shareholders and other stakeholders presented by combining these two very strong management teams.
We have dedicated a full team to the evaluation of Perrigo, including both Mylan management and outside advisors, and have conducted a thorough review of the business and its operations based on publicly available information. In order to finalize our proposal, we would welcome the opportunity to complete customary confirmatory due diligence, which we believe could be completed quickly. We stand ready to begin working with you and your team immediately and are prepared to commit the resources and time required to complete the proposed transaction expeditiously. To that end, we have retained Goldman Sachs as financial advisors and Cravath, Swaine & Moore as legal advisors to assist us in completing this transaction.
This preliminary proposal is a non-binding indication of interest.
We look forward to working together with you to deliver compelling value and benefits to our respective shareholders and other stakeholders.
Very truly yours,
Robert J. Coury