Perrigo Rejects $205/share Bid From Mylan

Perrigo was set to reject the $29 billion offer from Mylan, as it tackles an unsolicited offer from Israeli drug maker Teva Pharmaceutical Industries Ltd.

Vidya L. Nathan
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Heather Bresch, chief executive officer of drugmaker Mylan Inc., speaks during an interview in New York, Jan. 8, 2015.
Heather Bresch, chief executive officer of drugmaker Mylan Inc., speaks during an interview in New York, Jan. 8, 2015. Credit: Bloomberg
Vidya L. Nathan

REUTERS - Dublin-based Perrigo Company Plc said its board unanimously rejected a $205 per share offer from generic drugmaker Mylan NV, saying the bid substantially undervalued the company.

Perrigo said Mylan's offer did not take into account Perrigo's 2.48 billion euros ($2.66 billion) acquisition of Omega Pharma and new products that are expected to generate about $1 billion in revenue.

Earlier in the day, Reuters reported that Perrigo was set to reject the $29 billion offer from Mylan, as it tackles an unsolicited offer from Israeli drug maker Teva Pharmaceutical Industries Ltd. 

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