Perrigo Rejects Revised Mylan Offer
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Perrigo Company plc has rejected the revised unsolicited offer from Mylan NV 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. Mylan had increased its offer on April 29, 2015 and Perrigo rejected the new offer. The latest rejection follows Perrigo’s earlier rejection of Mylan’s unsolicited proposal of April 8, 2015 of $205.00 per share. Perrigo said that 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, according to Perrigo

In making the new offer, Mylan offered a different view. Under the terms of the increased offer, Perrigo shareholders will receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share. Based on Mylan’s closing stock price of $68.36 on April 8, 2015, the first day of market reaction to the initial proposal, the value of the new offer is $232.23 per Perrigo share.

As a result of the increased offer, it is expected that, following the consummation of the transaction, Mylan shareholders will own approximately 60.7% of the outstanding Mylan ordinary shares on a fully diluted basis and former Perrigo shareholders will own approximately 39.3% of the outstanding Mylan ordinary shares on a fully diluted basis.

Perrigo said that it is advising its shareholders to take no action in relation to the revised offer.

Source: Perrigo and Mylan 

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