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Perrigo Shareholders Approve Elan Acquisiton

ALLEGAN (WWJ) -- The generic prescription drug and store-brand health products maker Perrigo Co. (NYSE: PRGO) announced that its shareholders approved proposals related to its acquisition of Ireland's Elan Corp. plc at a special meeting Monday.

Perrigo chairman, president and CEO Joseph C. Papa said the approval "establishes a diversified platform to enable future expansion as an integrated company. Moving forward, we will continue to build on our position as an industry-leading global healthcare company with the balance sheet liquidity and operational structure to accelerate our growth."

Perrigo said the shareholder approval "satisfies certain conditions to the closing of the transaction." The actual transaction is still subject to approvals from regulators and courts in Ireland. Closing is expected to occur by the end of the year.

Perrigo is the world's largest manufacturer of over-the-county pharmaceutical products for the store brand market and operates in the United States, United Kingdom, Mexico, Israel, Australia, Canada, China and Latin America.

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