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Perrigo: Mylan's earnings presentation is not convincing

Staff writer |
Perrigo commented on the presentation given by Mylan in connection with the announcement of its third quarter 2015 earnings results.

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Perrigo continues to strongly recommend that its shareholders not tender into Mylan's inadequate offer.

The company stated, "Mylan again failed to provide a reason for Perrigo shareholders to accept Mylan's grossly inadequate offer to acquire Perrigo – an offer that has become even more inadequate over time.

"Mylan is avoiding the real measures that shareholders look to, such as actual takeover premiums and Perrigo's durable high trading multiple, and instead invents new concepts – such as 'hypothetical' share prices and 'accretion' to target shareholders.

"Furthermore, Mylan has shown through its own governance choices, including by rejecting a 48% premium bid from Teva, why there is a governance discount applied to its shares.

"Trying to now call such concerns a 'red herring,' or to shift blame to others only shows the small regard with which Mylan approaches shareholder concerns.

"We remain confident that our shareholders will not be fooled and will reject this inadequate offer in favor of Perrigo's superior long-term growth prospects."

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