Icahn Presses Mylan to End Bid for King
Carl Icahn, the largest shareholder of Mylan Laboratories Inc., threatened to push for new company directors to block the generic drug maker’s $4-billion bid for King Pharmaceuticals Inc.
In a letter filed with the Securities and Exchange Commission, Icahn told Mylan Chief Executive Robert J. Coury that King was “a company that Mylan should avoid at any price.”
Coury said in a statement, “We believe Mr. Icahn’s letter attempts to validate his short position in King by continuing to bash King.”
Shares of Canonsburg, Pa.-based Mylan fell 26 cents to $16.96, and shares of Bristol, Tenn.-based King fell 31 cents to $10.60, both on the NYSE.
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