Mylan begins hostile bid for Perrigo
Netherlands-incorporated generic drugmaker Mylan (Nasdaq: MYL) has officially initiated its hostile takeover bid for Ireland-based Perrigo (NYSE: PRGO), following public rejections from the management.
The company has set out to buy all outstanding shares of Perrigo for $75 in cash and 2.3 Mylan ordinary shares for each Perrigo share, following up on its plans to do so last week.
Under the terms of the offer Perrigo shareholders would own about 40% of the combined company, once the buying is completed. The share buy will expire on November 13, the company said in a statement. By launching the offer, Mylan is bypassing Perrigo’s management and board.
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