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Perrigo rejects Mylan acquisition

November 14, 2015 1:56 AM UTC

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. ...