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27 mei 2016

VEB and European Investors disapprove of Mylan’s decision to ignore its shareholders

VEB and European Investors disapprove of Mylan’s decision to ignore its shareholders
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In its letters to Mylan N.V. of 26 February 2016 and 10 March 2016 the Dutch Investors' Association (Vereniging van Effectenbezitters or VEB) and the European Investors Association asked for Mylan’s reasons for not submitting the contemplated acquisition of Meda AB to the approval of its shareholders.

As expressed before, these questions were solely aimed at safeguarding the interests of shareholders. VEB and European Investors consider the right of approval an important shareholder's right. VEB and European Investors have not questioned the rationale of the transaction and currently see no reason to change their position in that respect.

VEB and European Investors engaged into a discussion with Mylan concerning the applicability of mandatory shareholders’ approval. VEB and European Investors remain of the opinion that Mylan failed to present convincing arguments in support of their position that no approval is required. Mylan’s interpretation may set a highly undesirable precedent. In the end, this may result in a gradual erosion of shareholders rights in the Netherland and by result harm the international reputation of the Netherlands and its investment climate.

VEB and European Investors have not sought legal redress (or started preparations in doing so, such as soliciting support from shareholders for a request with the enterprise chamber of the Amsterdam court of appeal). VEB and European Investors requested the attorney general at the Public Prosecutor's Office (advocaat-generaal bij het Ressortsparket) to file an application for the institution of inquiry proceedings with the enterprise chamber. VEB and European Investors will continue their efforts to stand up for shareholders’ interests.

If shareholders contemplate taking appropriate legal action, VEB and European Investors may consider supporting such action.

VEB and European Investors will also attend Mylan’s EGM on 24 June 2016 in Amsterdam.

 

 


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