Mylan Board Adopts Severance Plan

Mylan Laboratories Inc. said its board adopted a severance plan covering about 2,200 employees to provide “enhanced severance benefits” in the event of involuntary terminations within two years of a change in control.

Billionaire financier Carl Icahn, who holds 9.7% of Mylan’s shares, offered Nov. 19 to buy the largest U.S. maker of generic drugs for about $5.38 billion to block Mylan’s proposed purchase of King Pharmaceuticals Inc. Mylan disclosed the severance plan in a government filing.