Mylan plans $1.25M share buyback, ups EPS outlook and closes Bertek subsidiary
Shares in US generic drugmaker Mylan Laboratories closed up 10.6% at $19.58 after a bout of heavy trading on June 14, following the group's announcement that it plans to buy back nearly 25% of its stock.
In a move widely seen as an attempt to win back investor confidence following the saga surrounding its planned marriage with King Pharmaceuticals and its consequent drawn-out battle with financier Carl Icahn, who strongly opposed the merger, Mylan said that it will buy back a quarter of its outstanding stock for a total of $1.25 billion.
The repurchase plan is two-tiered: the first involves a "Dutch auction" tender for around 48.8 million of its own shares (up to $1.0 billion). This is to be followed by up to $250.0 million of stock buyback on the open market.
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