Perrigo again rejects Mylan’s now revised formal offer

In the three way acquisition battle that unfolded this month, on Friday generics major Mylan (Nasdaq: MYL) launched its formal bid for Ireland-headquartered drugmaker Perrigo (NYSE: PRGO) with revised financials.

Mylan’s shares rose 3.47% to $76.25 in early market trading on Friday following the announcement. Shares of Perrigo, a manufacturer of generics, over-the-counter (OTC) medicines and nutritional products, were down 3.28% to $195.05.

Netherlands-incorporated Mylan previous outline proposal was an offer of $205.00 per share, or around $28.9 billion in total, for Perrigo, which the latter rejected as undervaluing the company. That deal was also complicated by an unsolicited bid for Mylan from its larger Israel generics rival Teva Pharmaceutical Industries (NYSE: TEVA) last Tuesday. However, on Friday, Teva reiterated its commitment to the bid for Mylan, saying in a Stock Exchange filing: “Our proposal for Mylan implies a total equity value of approximately $43 billion and an enterprise value of approximately $50 billion.”