Generic drugmaker Mylan (MYL) said on Friday it would take its $31 billion offer for Perrigo Co Plc directly to shareholders, in what is set to be one of the most high-profile hostile takeover attempts of the year.
The tender offer would exchange $60 in cash and 2.2 Mylan shares for each share of Perrigo, according to a statement. That amounts to $222.12 a share based on Mylan’s closing price Thursday — 10 percent above the price of Perrigo’s stock the same day.
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The Perrigo deal would be Mylan’s biggest yet and could help the company avoid getting bought by the Israeli drugmaker Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA). Teva had proposed a $40.1 billion takeover last week, saying the offer was good as long as Mylan dropped its bid for Perrigo.
