PITTSBURGH, Sept. 28 /PRNewswire-FirstCall/ -- Mylan Laboratories Inc. (NYSE: MYL) ("Mylan") announced today that it has extended the expiration time of each of its previously announced cash tender offers and consent solicitations for its 5.750% Senior Notes due 2010 (CUSIP No. 628530AE7) (the "2010 Notes") and 6.375% Senior Notes due 2015 (CUSIP Nos. 628530AF4, 628530AC1) (the "2015 Notes" and, together with the 2010 Notes, the "Notes"), which are being conducted pursuant to the terms and subject to the conditions described in the Offer to Purchase and Consent Solicitation Statement and related Letter of Instructions dated August 31, 2007 (collectively, the "Offer to Purchase"). As a result of the extensions, each of the tender offers will now expire at 10:00 a.m., New York City time, on October 2, 2007, unless Mylan chooses to again extend or to terminate any tender offer as provided in the Offer to Purchase.
As previously announced, Mylan is making the tender offers in connection with the consummation of its proposed acquisition of Merck's generic pharmaceutical business pursuant to a Share Purchase Agreement, dated May 12, 2007, between Mylan and Merck Generics Holding GmbH, Merck S.A., Merck Internationale Beteiligung GmbH and Merck KGaA (the "Transaction"), and certain financing arrangements being entered into to fund such acquisition. The extensions have been made because the closing of the Transaction, which is a condition to the tender offers, is now expected to occur on October 2, 2007.
As of 5:00 p.m., New York City time, on September 27, 2007, Mylan had
received tenders of Notes and deliveries of related consents for
approximately $147.5 million in aggregate principal amount of the 2010
|SOURCE Mylan Laboratories Inc.|
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