UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Amendment No. 2
Under the Securities Exchange Act of 1934
Mylan Laboratories, Inc.
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(Name of Issuer)
Common Stock, par value $.50
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(Title of Class of Securities)
628530107
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(CUSIP Number)
Michael C. Neus
Perry Corp.
599 Lexington Avenue
New York, NY 10022
(212) 583-4000
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(Name, Address, and Telephone Number of
Person Authorized to Receive Notices and Communications)
March 31, 2005
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(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 3d-1(f), or 13d-1(g), check the
following box |_|.
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule 13d-7
for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Perry Corp.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7. SOLE VOTING POWER
NUMBER OF
12,317,759
SHARES --------------------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY
NONE
OWNED BY --------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH
12,317,759
REPORTING --------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
PERSON WITH
NONE
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,317,759
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6 %
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14. TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Richard C. Perry
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7. SOLE VOTING POWER
NUMBER OF 12,317,759 (shares beneficially owned by Perry Corp.)
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SHARES 8. SHARED VOTING POWER
BENEFICIALLY NONE
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OWNED BY 9. SOLE DISPOSITIVE POWER
EACH 12,317,759 (all shares beneficially owned by
Perry Corp.)
REPORTING --------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
PERSON WITH
NONE
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,317,759
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
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14. TYPE OF REPORTING PERSON*
IN, HC
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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INTRODUCTION
This Amendment No. 2 (this "Amendment") relates to the Schedule 13D filed
on behalf of Perry Corp. and Richard C. Perry (collectively, the "Reporting
Persons") with the Securities and Exchange Commission on November 29, 2004, as
amended by Amendment No. 1 thereto filed on March 21, 2005 (the "Schedule 13D"),
relating to common shares, $.50 par value ("Common Stock"), of Mylan
Laboratories, Inc. (the "Company"). The Common Stock beneficially owned by the
Reporting Persons is hereinafter referred to as the "Shares."
Item 5 of the Schedule 13D is amended and supplemented as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER:
(a)-(b) Perry Corp. is the indirect beneficial owner of 12,317,759
shares of Common Stock, which constitutes approximately 4.6% of the Issuer's
outstanding shares of Common Stock, based upon 269,242,000 shares of Common
Stock outstanding as of February 3, 2005. Perry Corp. has sole power to vote and
sole power to dispose of the Common Stock. By virtue of his position as
President and sole stockholder of Perry Corp., Richard C. Perry may be
considered to indirectly beneficially own such shares. Richard C. Perry
disclaims any beneficial ownership interest of the Common Stock held by any
funds for which Perry Corp. acts as the general partner and/or investment
adviser, except for that portion of such Common Stock that relates to his
economic interest in such Common Stock.
(c) See Exhibit B attached hereto. All of the transactions in the
Common Stock set forth on Exhibit B were consummated by private investment
funds, for which Perry Corp. acts as a general partner and/or investment
adviser, within 60 days of the event which triggered the filing of this
Amendment No. 2 to Schedule 13D. All such transactions were effected through a
broker on the New York Stock Exchange at the closing price for the Common Stock
as identified on Exhibit B. Concurrent with each sale identified on Exhibit B,
Perry Corp. terminated the security-based swap agreements in place with respect
to the Shares sold.
On April 4, 2005, private investment funds, for which Perry Corp.
acts as a general partner and/or investment adviser, effected an internal book
transfer of an aggregate of 11,133,541 Shares from certain securities accounts,
which held long positions in the Common Stock, to certain other securities
accounts, which held an aggregate short position of 11,133,541 Shares. The
effect of this transaction was to close out Perry Corp.'s short Mylan position
and reduce Perry Corp.'s beneficial ownership of Mylan Shares by 11,133,541
Shares. The Shares transferred from the "long" accounts to the "short" accounts
were used to satisfy the loan of securities that allowed the short position to
be established.
(d) The limited partners of (or investors in) each of two or more
private investment funds for which Perry Corp. acts as general partner and/or
investment adviser have the right to participate in the receipt of dividends
from, or proceeds from the sale of, the shares held for the accounts of their
respective funds in accordance with their respective limited partnership
interests (or investment percentages) in their respective funds.
(e) On April 4, 2005, the Reporting Persons ceased to be the
beneficial owner of more than five percent of the Common Stock.
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
PERRY CORP.
Dated: April 4, 2005
New York, New York By: /s/ Richard C. Perry
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Name: Richard C. Perry
Title: President
Dated: April 4, 2005
New York, New York /s/ Richard C. Perry
-----------------------------------
Richard C. Perry
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Exhibit B
List of Transactions
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Trade Date Transaction Quantity Price
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4/1/05 Sell 450,000 $17.63
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3/31/05 Sell 425,000 $17.72
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3/30/05 Sell 350,000 $17.68
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3/29/05 Sell 350,000 $17.65
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3/28/05 Sell 300,000 $17.83
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3/24/05 Sell 300,000 $17.79
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3/23/05 Sell 500,000 $17.90
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3/22/05 Sell 500,000 $17.69
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