Washington, DC - The Federal Trade Commission has approved a modified final order settling charges that Mylan N.V.’s proposed hostile takeover of Perrigo Company plc would harm competition. Because Mylan failed to obtain the required threshold of Perrigo shares to succeed in its unsolicited offer, Mylan has abandoned the proposed acquisition.

Accordingly, the Commission has issued a modified final order in this matter that relieves the interim monitor that the Commission had appointed to ensure Mylan’s compliance with the order of his duties; and requires that Mylan submit annual compliance reports for three years, instead of ten years.

The Commission vote to approve the modified final order was 4-0. (FTC File No. 1510129; the staff contact is Jasmine Rosner, Bureau of Competition, 202-326-3558)