Matrix Shareholders in $736 Million Sale of Shares to Mylan Laboratories
September 19, 2006
Cleary Gottlieb is representing several parties in their sale of a controlling shareholding interest in Matrix Laboratories to Mylan Laboratories Inc. The firm is representing Matrix founding chairman, N. Prasad, entities controlled by Newbridge Capital, a joint venture between Texas Pacific Group and Blum Capital Partners, and Maxwell (Mauritius) Pte. Limited (an investment vehicle of Singapore Government-owned Temasek Holdings). Mylan will acquire up to 71.5% of Matrix's shares -- 51.5% from the Cleary-represented selling shareholders and up to an additional 20% through an "open offer" to Matrix's remaining shareholders, as required by Indian takeover regulations. Assuming the open offer is fully subscribed, the total purchase price is expected to be approximately $736 million.
The Cleary-represented selling shareholders agreed to use a portion of the sale proceeds to fund the purchase of newly issued Mylan common stock. Matrix will remain a publicly traded company in India and will continue to operate on an independent basis. N. Prasad will continue to sit on the board of directors of Matrix and will be appointed as non-executive director in Mylan's board of directors.
Matrix is a leading manufacturer of generic active pharmaceutical ingredients and its subsidiary DocPharma is a leading marketer of branded generics in Belgium, the Netherlands and Luxembourg.