Perrigo Board unanimously rejects unsolicited US$29bn bid from Mylan


Says it substantially undervalues the company and ignores key factors

Perrigo said its Board of Directors has unanimously rejected the unsolicited takeover bid from Mylan, saying it 'substantially undervalues the company and its future growth prospects'.

Earlier this month Mylan offered to buy Perrigo for $205 per share in cash and stock.

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Joseph Papa, Chairman, President and CEO of Perrigo, said Mylan had not taken key factors into account, including its global distribution platform, innovative new product pipeline, which is expected to generate nearly $1bn in net sales over the next three years, and the full benefits of the Omega Pharma acquisition, which closed on 30 March.