facebook
twitter
rss
account
search
search
 

Mylan Laboratories launches share buyback

June 15, 2005 at 6:12 PM   |   Comments

CANONSBURG, Pa., June 15 (UPI) -- Mylan Laboratories Inc., a Pennsylvania-based generic drugmaker, plans to buy back nearly a quarter of its shares and double its dividend.

The moves come as takeover artist Carl Icahn, Mylan's biggest shareholder, has been trying to replace the company's board and boost his own stake in the company, the Pittsburgh Post-Gazette reported.

"We are pleased that Mylan has finally announced actions attempting to enhance shareholder value," Icahn said Wednesday.

"However, it is a sad commentary that Mylan needed the strong prodding of its largest shareholder to take the actions that were announced this morning. Additionally, it should be noted that Mylan's partial tender offer is for the most part at a price below our acquisition proposal."

Icahn has been offering $20 per share for Mylan, while the company is paying about $20.50 for its own shares, the newspaper said.

Topics: Carl Icahn
© 2005 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Additional sub-components being made for Ballistic Missile Defense radar Additional sub-components being made for Ballistic Missile Defense radar
2
Russian bank boss feeling sanctions pain Russian bank boss feeling sanctions pain
3
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
4
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
5
Army deploying JLENS radar system to help protect Washington, D.C. Army deploying JLENS radar system to help protect Washington, D.C.
Trending News
Video
x
Feedback