Perrigo Company (NYSE:PRGO; TASE:PRGO) board of directors has rejected Mylan's improved offer.
Mylan N.V. had for the second time raised its offer to buy US-Irish-Israeli generic pharmaceuticals concern Perrigo company. Mylan is now offering Perrigo shareholders $75 plus 2.3 Mylan shares per Perrigo share for a total of about $35.6 billion.
The new offer reflects a share price of about $232.23 per Perrigo share based on prices on April 8 when Mylan made its first offer. The previous offer, which was rejected by Mylan, was for $222 per Perrigo share, comprising $60 in cash and 2.2 Mylan shares.
Mylan itself is the subject of a $41 billion hostile takeover bid from Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA). Mylan executive chairman Robert Coury dismissed Teva's offers as grossly undervaluing his company.
Coury said today, "With this enhanced offer, I look forward to meeting with Joe Papa and his team to finalize the implementation of this truly compelling combination, which is a win-win for both Mylan and Perrigo shareholders and all other stakeholders."
Published by Globes [online], Israel business news - www.globes-online.com - on April 29, 2015
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