Perrigo rejects Mylan acquisition

Shareholders of Perrigo Co. plc (NYSE:PRGO; Tel Aviv:PRGO) rejected a hostile tender offer from Mylan N.V. (NASDAQ:MYL). Perrigo said more than 60% of its shareholders refused Mylan's bid.

Mylan had offered $75 and 2.3 Mylan shares for each Perrigo share. Based on Mylan's Thursday close of $43.20, the deal would have valued Perrigo at $174.36 per share or $25.5 billion, an 11% premium to Perrigo's Thursday close of $156.55. The deadline for Perrigo shareholders to accept the offer was 8:00 a.m. EST on Friday. ...