Mylan/Meda lack of shareholder vote examined by Dutch shareholder association
The Dutch shareholder association, VEB, has been in discussions with Mylan [NASDAQ:MYL] over its decision not to hold a shareholder vote for the acquisition of Meda [STO:MEDA-A], said two VEB representatives.
VEB is investigating whether not having Mylan investors vote on the deal violates Article 2:107 1(c) of the Dutch civil code. The VEB hopes to publicise its findings later today (February 29), one of the representatives said. Should the VEB find that there has been a violation, it could seek a court order for Mylan to rectify the lack of a vote, the representative said.
This news service has previously reported that the VEB could look into the decision.
Article 2:107 1(c) states that a shareholder vote is required if a company makes an acquisition or disposal valued at one third or more of the company’s assets. The question is what constitutes one third of Mylan’s assets, said the second representative.
Mylan will rely on Meda’s market capitalization and figures adopted in its accounts in 2015 to argue that it complies with Article 2: 107a 1(c), this news service previously reported. Shareholders approved 1H15 accounts reporting total assets of USD 22.79bn via their 28 August 2015 vote in favour of Mylan’s ultimately unsuccessful bid for Perrigo [NYSE:PRGO].
Meda’s market cap is SEK 55.66bn (USD 6.48bn) as of late afternoon trading on 29 February.
Mylan declined to comment.
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Gapping up
In reaction to strong earnings/guidance: TASR +13.3%, BSFT +10.7%, SIG+10.1%, PAH +5.3%, NLNK +4.9%, MGLN +4.5%, ARES +4.3%, EVEP +2.2%,FRO +2.2%, CMRX +2.1%, MEET +2%, BRK.B +1%, STNG +0.8%
M&A news: FDML +41.8% (receives merger proposal from Icahn Enterprises L.P. (IEP) for $7/share in cash), LSCC +7.4% (exploring a sale after receiving interest from a Chinese firm, according to Reuters), BCS +1.5% (responds to recent press speculation regarding a potential sale of its shareholding in Barclays Africa Group), LKQ +6.4% (to acquire Pittsburgh Glass Works from Kohlberg & Company and PPG Industries (PPG) for an enterprise value of $635 million)
Select metals/mining stocks trading higher: DRD +6.4%, MT +5.9%, HMY+5.3%, SBGL +4.4%, RIO +3.7%, BBL +3.3%, BHP +2.3%, GFI +2%, KGC+1.7%, GOLD +1%, ABX +1%, GDX +0.6%
Other news: CNX +9.9% (to sell Buchanan Mine and other metallurgical coal reserves to Coronado IV LLC for $420 mln and will suspend dividend program in conjunction w/ sale ), BSI +9% (Co's controlling shareholder, Alon Israel Oil Company, has approved the offer of a company controlled by Moti Ben-Moshe to acquire Alon's ~72.71% interest in Co), PBR +5.9% ( signed Term Sheet with the China Development Bank for financing of $10 bln), SUNE+4.4% (cont strength), VALE +4.1% (still checking), FCX +3.9% (still checking), CGEN +3.6% (presents results for CGEN-15029), GRPN +2.4% (cont strength), PTCT +1.6% (considering delisting Translarna from the German pharmacy ordering system), SYY +1.5% (details three year plan; operating income growth target raised to $500 mln by 2018)
Analyst comments: XLRN +2.4% (upgraded to Buy from Neutral at Janney),NFX +1.8% (upgraded to Strong Buy at Raymond James)
In reaction to strong earnings/guidance: TASR +13.3%, BSFT +10.7%, SIG+10.1%, PAH +5.3%, NLNK +4.9%, MGLN +4.5%, ARES +4.3%, EVEP +2.2%,FRO +2.2%, CMRX +2.1%, MEET +2%, BRK.B +1%, STNG +0.8%
M&A news: FDML +41.8% (receives merger proposal from Icahn Enterprises L.P. (IEP) for $7/share in cash), LSCC +7.4% (exploring a sale after receiving interest from a Chinese firm, according to Reuters), BCS +1.5% (responds to recent press speculation regarding a potential sale of its shareholding in Barclays Africa Group), LKQ +6.4% (to acquire Pittsburgh Glass Works from Kohlberg & Company and PPG Industries (PPG) for an enterprise value of $635 million)
Select metals/mining stocks trading higher: DRD +6.4%, MT +5.9%, HMY+5.3%, SBGL +4.4%, RIO +3.7%, BBL +3.3%, BHP +2.3%, GFI +2%, KGC+1.7%, GOLD +1%, ABX +1%, GDX +0.6%
Other news: CNX +9.9% (to sell Buchanan Mine and other metallurgical coal reserves to Coronado IV LLC for $420 mln and will suspend dividend program in conjunction w/ sale ), BSI +9% (Co's controlling shareholder, Alon Israel Oil Company, has approved the offer of a company controlled by Moti Ben-Moshe to acquire Alon's ~72.71% interest in Co), PBR +5.9% ( signed Term Sheet with the China Development Bank for financing of $10 bln), SUNE+4.4% (cont strength), VALE +4.1% (still checking), FCX +3.9% (still checking), CGEN +3.6% (presents results for CGEN-15029), GRPN +2.4% (cont strength), PTCT +1.6% (considering delisting Translarna from the German pharmacy ordering system), SYY +1.5% (details three year plan; operating income growth target raised to $500 mln by 2018)
Analyst comments: XLRN +2.4% (upgraded to Buy from Neutral at Janney),NFX +1.8% (upgraded to Strong Buy at Raymond James)
Gapping down
In reaction to disappointing earnings/guidance: IPI -14.4%, UNFI -14%, OCN -8.8%, LL -8.2%, NRG -7%, HZNP -5.3%,NVAX -4%, HYH -3.6%, IMN -3.2%, FSS -2.8%, VET -2%, ACAD -1.2%, SALT -0.8%, TRCO -0.8%, IPCI -0.7%, TOUR-0.6%, HMLP -0.5%
Other news: QEP -5.1% (commences underwritten public offering of 30 mln shares of its common stock), VRX -4.1% (confirmed J. Michael Pearson to return as CEO following illness effective immediately; Co Separates the Chairman and CEO roles; postpones Q4 call), ALV -1.5% (still checking), TRCO -0.8% (to Explore Strategic Alternatives), C -0.1% (discloses in 10-K annual filing that it received a subpoena from the United States Attorney's Office in connection with its investigation of alleged bribery, corruption and money laundering associated with FIFA )
Analyst comments: SWN -5.8% (downgraded to Underperform at Raymond James), DDS -2.5% (downgraded to Sell at Deutsche Bank), NUE -1.3% (downgraded to Sector Weight from Overweight at KeyBanc Capital Mkts), SCCO -1.1% (initiated with a Sell at Berenberg), GM -0.8% (downgraded to Hold from Buy at Argus)
In reaction to disappointing earnings/guidance: IPI -14.4%, UNFI -14%, OCN -8.8%, LL -8.2%, NRG -7%, HZNP -5.3%,NVAX -4%, HYH -3.6%, IMN -3.2%, FSS -2.8%, VET -2%, ACAD -1.2%, SALT -0.8%, TRCO -0.8%, IPCI -0.7%, TOUR-0.6%, HMLP -0.5%
Other news: QEP -5.1% (commences underwritten public offering of 30 mln shares of its common stock), VRX -4.1% (confirmed J. Michael Pearson to return as CEO following illness effective immediately; Co Separates the Chairman and CEO roles; postpones Q4 call), ALV -1.5% (still checking), TRCO -0.8% (to Explore Strategic Alternatives), C -0.1% (discloses in 10-K annual filing that it received a subpoena from the United States Attorney's Office in connection with its investigation of alleged bribery, corruption and money laundering associated with FIFA )
Analyst comments: SWN -5.8% (downgraded to Underperform at Raymond James), DDS -2.5% (downgraded to Sell at Deutsche Bank), NUE -1.3% (downgraded to Sector Weight from Overweight at KeyBanc Capital Mkts), SCCO -1.1% (initiated with a Sell at Berenberg), GM -0.8% (downgraded to Hold from Buy at Argus)
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