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.

Bloomberg

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.