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Perrigo rejects $205/share bid from Mylan

Tue, 21st Apr 2015 20:26

April 21 (Reuters) - Dublin-based Perrigo Company Plc said its board unanimously rejected a $205 per share offer from generic drugmaker Mylan NV, saying the bid substantially undervalued the company.

Perrigo said Mylan's offer did not take into account Perrigo's 2.48 billion euros ($2.66 billion) acquisition of Omega Pharma and new products that are expected to generate about $1 billion in revenue.

Earlier in the day, Reuters reported that Perrigo was set to reject the $29 billion offer from Mylan, as it tackles an unsolicited offer from Israeli drugmaker Teva Pharmaceutical Industries Ltd. ($1 = 0.9316 euros) (Reporting by Vidya L Nathan in Bengaluru; Editing by Sayantani Ghosh)

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