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March 29, 2005 at 07:00 PM
NEW YORK (HedgeWorld.com)–Richard C. Perry, a hedge fund manager whose funds control 9.89% of the voting shares of Mylan Laboratories Inc., Canonsburg, Penn., said in a filing with the Securities and Exchange Commission that he plans to sell his entire stake on the open market.
Perry and his management company, Perry Corp., said that they are acting in response to Mylan’s recent decision to abandon its plans to acquire King Pharmaceuticals Inc., Bristol, Tenn.
They plan to “effect all sale transactions on the open market at the closing price of the Company’s stock as
reported on the New York Stock Exchange on the date of the transaction,” the filing said. “To the
extent practicable, shares will be sold daily until the entire position is sold.”
They also plan to close out the security-based swap agreements in place with respect to the shares as the shares themselves are sold until all such shares are sold. That was a controversial aspect of the debate and litigation in recent months over control of Mylan and the fate of its plans for King. Carl Icahn, who also controls a large stake in Mylan and who opposed the acquisition, complained that Mr. Perry had purchased “tainted” voting rights in hopes of pushing that transaction through. He saw these rights as tainted because, he said, they were uncoupled from economic risk.
