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Mylan Announces Intention to Purchase Remaining Interest in Matrix Laboratories and Delist Matrix from Indian Stock Exchanges
Date:3/26/2009

PITTSBURGH, March 26 /PRNewswire-FirstCall/ -- Mylan Inc. (Nasdaq: MYL) today announced its plans to purchase the remaining interest in Matrix Laboratories Limited from minority shareholders pursuant to a voluntary delisting offer. Mylan, through a wholly-owned subsidiary, currently owns approximately 71.2% of Matrix and controls more than 76% of its voting rights. The impact of the transaction is anticipated to be accretive to Mylan's 2009 earnings.

Mylan Vice Chairman and CEO Robert J. Coury commented: "Purchasing the remaining interest in Matrix and delisting it from the exchanges will provide Mylan an opportunity for enhanced flexibility and efficiencies in managing our global technical and commercial operations platform. This move represents another step toward achieving our goal of becoming the most efficient global generics and specialty pharmaceutical company in the industry. The transaction also would provide Matrix's public shareholders with an attractive near-term liquidity opportunity."

Mylan has approved an indicative acquisition price of up to Rs 150 per share. This price reflects a premium of 27% of the closing share price of Matrix on March 26, the last trading day before the announcement. It also represents a premium of 54% and 77% over Matrix's average share price during the last month and last six months, respectively.

If as a result of the delisting offer, the total promoter shareholding (including 4.97% shares held by the Indian promoter) exceeds 90% of all outstanding shares, Matrix will be delisted from the Bombay Stock Exchange (BSE) Limited and the National Stock Exchange (NSE) of India Limited. The delisting process is expected to take approximately 12 weeks subject to obtaining regulatory approvals. If Mylan acquires all remaining 45 million shares, the aggregate purchase price will tota
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SOURCE Mylan Inc.
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