Perrigo Company plc (NYSE: PRGO; TASE) today responded to the announcement that Mylan N.V. has lowered the acceptance condition for its proposed unsolicited offer to acquire Perrigo from not less than 80% of Perrigo ordinary shares to greater than 50% of Perrigo ordinary shares.
Perrigo Chairman, President and CEO Joseph C. Papa said, “Mylan already proposed a dilutive deal that substantially undervalues Perrigo; today’s announcement makes it even worse. This scare tactic is simply an attempt to coerce Perrigo shareholders into a value destructive deal. We don’t believe Perrigo shareholders will tender into this transaction at any threshold and we are confident that there is no rational path to a full acquisition of Perrigo.”
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“This move is an obvious sign of desperation that would have profoundly negative effects for shareholders, debtholders, customers and employees of both Perrigo and Mylan. Under Irish law, this structure all but guarantees that the promised synergy realization will fail and it would create material credit and equity risk for both companies – none of which Mylan has detailed to its own shareholders or ours.”
Papa continued, “This reckless action runs contrary to the best interests of both Perrigo and Mylan shareholders, taking a value destructive transaction and making it materially worse when Mylan fails to achieve the 80% threshold necessary for consolidation. This is yet another example of Mylan’s leadership disregarding their fiduciary responsibilities to represent the best interests of shareholders.”
Perrigo
Generic pharmaceutical company Mylan
N.V. (MYL) today officially announced a
reduction in the approval requirement for
the Perrigo Company (NYSE:PRGO;
TASE:PRGO)
deal from 80% to 50%. This means that
under More…
Following a report in the “Wall Street Journal”
of negotiations on the deal, and the suspension
of trading in Teva stock on the Tel Aviv Stock
exchange this morning, Teva Pharmaceutical
Industries More…
Teva likely mean the end of Teva’s pursuit of
another TevaPharmaceutical Industries Ltd.
likely mean the end of pursuit of Mylan acquisition.
The Israeli world’s biggest generic pharmaceutical
maker is More…
Teva Pharmaceutical Industries Ltd.
(NYSE: TEVA; TASE: TEVA) CEO Erez Vigodman
said today, “If the Mylan Pharmaceuticals
shareholders support the acquisition of Perrigo,
Teva will abandon its More…
One of the main worries of Tel Aviv Stock
Exchange (TASE) leaders recently has been
the expected delisting of Perrigo Company
(NYSE:PRGO; TASE:PRGO), if and when the
company’s acquisition by Mylan More…
Abbott Laboratories (NYSE: ABT), said it would
back the generic pharmaceutical company
Mylan’s (MYL) $34 billion bid acquisition of
Perrigo Co Plc (PRGO.N). Abbott Lab potentially
helping Mylan forfend $40 More…
Irish-Israeli pharmaceutical company Perrigo
is continuing its buying spree and does not
seem perturbed by the hostile takeover attempts
by Mylan NV, which has offered $34 billion in
cash and shares for it. Perrigo, More…
Perrigo Company (NYSE:PRGO; TASE:PRGO)
CEO Joseph Papa is ready to talk with Mylan
N.V. (MYL) about its takeover bid, but at a higher
price. The rival drugmaker’s present bid is nowhere
near there. Perrigo More…
In the middle of a hostile $34 billion takeover
bid from Mylan, while, Mylan itself has become
the target of a proposed $40 billion takeover
from Teva Pharmaceutical Industries Ltd.
Perrigo Company(NYSE:PRGO; More…
Mylan (MYL) is considering an improved offer
to shareholders of Perrigo (PRGO) with the aim
of acquiring the company and thus heading off
the hostile bid for Mylan from Teva Pharmaceutical
Industries Ltd. (NYSE: More…
Teva Pharmaceutical Industries Ltd.
(NYSE: TEVA; TASE: TEVA) had an opportunity
to acquire US pharmaceuticals company Perrigo
Company (NYSE:PRGO; TASE:PRGO) a few months
ago, and said it was not interested, sources More…
