Icahn makes offer on Mylan

NEW YORK, Nov. 20 (UPI) -- The Pittsburgh-based drug maker Mylan shares shot up 10 percent after Carl Ichan offered $5.38 billion for the company's shares he doesn't already own.

Icahn may be attempting to block Mylan's $4 billion acquisition of King Pharmaceuticals, reported the New York Post Saturday.

"We believe that there are much better alternatives for Mylan than the acquisition of King," Icahn said in securities filings Friday. "In fact, in light of the many risks associated with King, we believe that an acquisition of King would be an egregious mistake."

Icahn, who owns just under 10 percent of Mylan, offered $20 a share for the company's 2.7 million outstanding shares.

Mylan Laboratories Inc. confirmed that it received a letter from Icahn and stated that it would respond in due course.

"This letter appears to be a standard Icahn tactic, containing factual misrepresentations, and is notable in its lack of detail and commitment," said Robert J. Coury, Mylan's chief executive officer stated.