NEW YORK -- Financier Carl Icahn and his High River LP affiliate yesterday said they are again proposing to acquire generic drug maker Mylan Laboratories Inc. for $20 a share, or more than $5 billion.
Icahn originally proposed to acquire Mylan in November, when he said Mylan's proposed offer to buy King Pharmaceuticals Inc. was an ''egregious mistake."
His offer was seen at the time as an effort to trigger an auction of the Canonsburg, Pa.-based company, in which he had taken a sizable stake.
In February, Mylan terminated its $4 billion agreement to buy King Pharmaceuticals, saying the companies couldn't agree on a revised deal.
The deal was put into jeopardy after King said it would restate earnings.
The pact also faced increasing opposition from some of Mylan's shareholders, including Icahn, who believed the company was paying too much for King.
Tuesday, Icahn dropped a lawsuit against rival Richard Perry, whose Perry Corp. had supported Mylan's failed merger attempt with King.
Icahn said he wants Mylan's management to let shareholders decide whether to accept the $20 a share offer.
Mylan shares rose 74 cents, or 4.5 percent, to close at $17.24 on the New York Stock Exchange.
Icahn said Mylan has failed to discuss his proposal, even though he can contribute, with affiliates, $1.5 billion of the necessary equity.
Icahn said he would be able to obtain additional financing.