Mylan Laboratories commences tender for up to 48.8 million shares

By Jennifer Chiou

New York, June 16 - Mylan Laboratories Inc. announced the start of its modified Dutch auction self-tender offer for up to 48.8 million shares - up to $1 billion - of its common stock.

Shareholders can tender some or all of their shares at a price between $18.00 and $20.50 per share.

As previously announced, Mylan will determine the lowest per share price within the range that will allow it to buy up to 48.8 million shares based on the number of shares tendered and the prices specified by investors.

If more than 48.8 million shares are submitted, Mylan will buy shares tendered at the set purchase price on a proportionate basis.

If the final purchase price is less than the high end of the range and more than 48.8 million shares are tendered, Mylan intends to exercise its right to purchase up to an additional 2% of its stock without extending the tender offer.

The offer expires at 5 p.m. ET on July 15.

Canonsburg, Pa.-based Mylan is a pharmaceutical company.

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