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Mylan to pick 71.5% stake in Matrix Labs
Mylan and Matrix have agreed to proceed with the deal that was being negotiated for at least three months. Mylan will now pick up about 71.5% stake in Matrix Labs, reports CNBC-TV18.
Mylan and Matrix have agreed to proceed with the deal that was being negotiated for at least three months. Mylan will now pick up about 71.5% stake in Matrix Labs , reports CNBC-TV18.
The enterprise value of Matrix is pegged at USD 1.35 billion. The Mylan deal values Matrix at USD 1.03 billion. The value of the deal for equity stake stands at USD 736 million. The deal was struck at Rs 306/share with a 25% premium to three-month average.
According to the deal, Matrix promoter, N Prasad will retain 5% stake in Matrix Labs. Temasek, Newbridge and N Prasad will reinvest in Mylan. N Prasad will join the board of Mylan and will head global strategy.
N Prasad, will however, resign as Executive Chairman and continue as Non Executive Chairman of Matrix. Mylan will expand its board to 10 members. Rajiv Malik will continue as CEO of Matrix Labs. Rajiv Malik will have a role in framing Mylan's global operations.
Mylan CEO, Robert Coury will become Non Executive Chairman of Matrix. Matrix will remain a publicly traded company. Mylan says that the Matrix buy will be EPS accretive in FY08.
Mylan CEO, Robert Coury will become Non Executive Chairman of Matrix. Matrix will remain a publicly traded company. Mylan says that the Matrix buy will be EPS accretive in FY08. 
