News Release Detail
August 19, 2004
FTC Grants Early Termination for Stock Purchase By Icahn
FTC Grants Early Termination for Stock Purchase By Icahn
FTC Grants Early Termination for Stock Purchase By IcahnPITTSBURGH, Aug. 19 /PRNewswire-FirstCall/ -- Mylan Laboratories Inc.
(NYSE: MYL) has been advised that on August 18, 2004 the Federal Trade
Commission granted early termination of the Hart-Scott-Rodino waiting period
relating to a filing made by Carl Icahn in connection with his "good faith
intention to acquire . . . common stock of [Mylan] in an amount exceeding $100
million but less than $500 million . . . depending upon various factors
including market conditions." Based on the closing price on August 18, 2004,
Mr. Icahn would be able to purchase from 2.4% to 11.9% of the issued and
outstanding shares of Mylan common stock without making a further filing with
the Federal Trade Commission. Mylan stated it has not had any conversations
with Mr. Icahn, and does not know what purchases of its stock, if any, Mr.
Icahn has made or will make. Mylan said it has no further comment on Mr.
Icahn's Hart-Scott-Rodino filing.
About Mylan Laboratories:
Mylan Laboratories Inc. is a leading pharmaceutical company with four subsidiaries, Mylan Pharmaceuticals Inc., Mylan Technologies Inc., UDL Laboratories, Inc. and Mylan Bertek Pharmaceuticals Inc.,that develop, manufacture and market an extensive line of generic and proprietary products.
For more information about Mylan, visit www.mylan.com.
SOURCE Mylan Laboratories Inc.
08/19/2004
CONTACT: Heather Bresch (Media), +1-724-514-1800, or Kris King
(Investors), +1-724.514.1800, both of Mylan Laboratories Inc.
Web site: http://www.mylan.com