Mylan cuts shareholder support required for Perrigo takeover to over 50%
Netherlands-incorporated Mylan (Nasdaq: MYL) said it now needs just over 50% shares in hostile takeover target Perrigo (NYSE: PRGO) to control the company.
The generic drugmaker lowered the target number of shares from the initial 80% and said it will start the tender offer following its shareholder meet scheduled for end of August.
Drugmaker Perrigo’s chief executive Joseph Papa, said: "We don't believe Perrigo shareholders will tender into this transaction at any threshold and we are confident that there is no rational path to a full acquisition of Perrigo."
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