Perrigo would consider Mylan bid at the right price

The chief executive of Perrigo has said the company is willing to consider a takeover by Mylan (Nasdaq: MYL) if the terms were right, according to a Bloomberg report..

Joseph Papa noted, though, that the parties are presently “pretty far apart,” indicating that an agreement is not on the cards for the near future. Perrigo rejected Mylan’s offer only last month, in which Mylan offered $75 in cash per share, and 2.3 Mylan shares for each Perrigo share.

Perrigo believes that Mylan’s bid is worth $202 per share, due to Mylan’s share price being inflated, but Mylan has said the offer to Perrigo is worth $232.23 per share. Mr Papa added: “We believe they have substantially undervalued the company.” He declined to state what price Perrigo is seeking. He also said that Mylan’s previously-disclosed intention to go directly to Perrigo’s shareholders with a bid could happen by September 14. John Sheehan, the chief financial officer of Mylan, indicated that it is still answering questions from the Federal Trade Commission.