MYL-ABT ‘spinversion’ remains on track for closing in 1Q15. The deal terms were modified slightly, but not because of changes in the tax code; rather, the modification is that ABT will perform certain manufacturing for MYL in return for an additional 5M shares of MYL (i.e. 110M shares instead of 105M as in the original deal):
As an ABT shareholder, I’m elated that the deal is going through because it allows ABT to unload its worst-performing asset—the branded-generics business in Europe, Canada, and Australia—while ABT retains the braded-generics business in emerging markets, where it is highly profitable and growing at a double-digit annual rate.
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