Perrigo shareholders reject Mylan's hostile takeover
Shareholders holding over 60% of Perrigo's outstanding shares refused to tender into Mylan's offer by today's 8 A.M. ET deadline.
Joseph C. Papa, Perrigo chairman and CEO, stated, "We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects.
"Strong organic growth, a disciplined approach to M&A, and transparent, accessible corporate governance policies are the foundation of our successful business strategy. I am delighted that Perrigo shareholders voiced their clear support for this management team and our long-term strategy, highlighted by our 'Base Plus Plus Plus' growth model."
"Now that the Mylan tender offer is behind us, we look forward to continuing to create significant value for our shareholders. Our confidence in Perrigo's compelling near- and longer-term growth prospects and our steadfast commitment to delivering returns to shareholders remain unchanged.
"We are grateful to all of Perrigo's employees around the world, whose relentless efforts are reflected in today's outcome. Even with all the distraction over the past seven months, our unrivaled team has executed our strategy and continued our commitment to delivering Quality Affordable Healthcare Products to customers and patients across the globe."
Perrigo will immediately commence its previously announced $2 billion repurchase of Perrigo shares and plans to complete $500 million of the planned repurchase by the end of 2015. ■