Mylan Makes Hostile $31.2 Billion Perrigo Bid against Teva

Joseph C. Papa - PERRIGO - PR

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.

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.

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