Perrigo rejects Mylan’s takeover bid, saying it undervalues the company
Ireland-headquartered drugmaker Perrigo (NYSE: PRGO) has issued a statement rejecting the unsolicited takeover attempt from Netherlands-headquartered generics major Mylan (Nasdaq: MYL), confirming the view of analysts when the offer was made, that Mylan will have to dig deeper into its pockets if a deal is to be struck.
Perrigo says its board of directors has studied Mylan’s proposal to acquire all of the outstanding shares of Perrigo for $205.00 per share, or around $28.9 billion in total, and has unanimously concluded that this substantially undervalues the company and its future growth prospects and is not in the best interests of Perrigo's shareholders. Perrigo shares fell 2.7% to $192.82 after the announcement on Tuesday.
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