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Mylan raises offer for Perrigo to $35.6 billion, Perrigo says no

Staff writer |
Mylan said it had raised its offer for Perrigo a second time, as it tries to avert being taken over itself by Teva Phamaceuticals.

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Under the revised terms, Perrigo shareholders will receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share. Last Friday, Mylan had increased its original offer to $60 and 2.2 shares of Mylan.

Mylan says the new offer is valued at $232.23 a share, or more than $34 billion, up from its original stock-and-cash offer of $205 a share, or $29 billion, made on April 8.

Perrigo Company announced its rejection of the revised unsolicited offer from Mylan to acquire all of the outstanding shares of Perrigo for $75.00 per share in cash and 2.3 Mylan ordinary shares for each ordinary Perrigo share.

The board previously concluded that Mylan's unsolicited proposal of April 8th of $205.00 per share significantly undervalued the Company and its future growth prospects and was not in the best interests of Perrigo's shareholders.

Today's announcement from Mylan continues to propose a price lower than the previously rejected proposal. Based on Mylan's unaffected price of $55.31 per share on March 10, 2015, the last day of trading prior to widespread public speculation that Teva was considering an offer for Mylan, the value of the revised Offer is $202.20 per Perrigo share.

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