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Perrigo falls after rejecting improved Mylan offer

Joseph C. Papa - PERRIGO - PR
Both Perrigo and Teva are down on the Tel Aviv Stock Exchange following the Independence Day break.

After US-Israeli pharmaceuticals company Perrigo (PRGO) rejected Mylan’s (MYL) takeover bid last Tuesday, on Friday, Mylan announced an improved offer worth $31.8 billion. The original offer was $29 billion, or $205 per share.

Mylan is new offering $60 cash and 2.2 of its shares for each Perrigo share, valuing Perrigo shares at about $222 each.

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