Mylan Makes $29 Billion Bid for Perrigo

Generic-drug maker Mylan (NASDAQ:MYL) on Wednesday said was bidding $205 a share in cash and stock for Perrigo (NYSE:PRGO).

Perrigo Company plc is an Irish international manufacturer of private label over-the-counter pharmaceuticals, with shares traded on the NYSE and the Tel Aviv Stock Exchange. Perrigo is the only non-Israeli company on the TA-25.

The announcement sent both stocks soaring, according to Investors.com, even though Perrigo hadn’t agreed to a deal, and Mylan only indicated the two sides are in talks.

“This proposal is the culmination of a number of prior discussions between Mylan and Perrigo about the compelling strategic and financial logic of this combination, ” Mylan Executive Chairman Robert Coury said in a press release. “This combination would result in meaningful immediate and long-term value creation, and our proposal is designed to deliver that value to shareholders and other stakeholders of both companies.”

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