Perrigo CEO: Mylan’s propose shows sign of desperation

Joseph Papa scathingly dismisses Mylan's latest tactic in lowering the stake it wants to buy in Perrigo. "today's announcement makes it even worse"

(L-R) Robert J Coury,   Mylan and Josegh Papa,   Periggo

 

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.”

“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

Robert-J-Coury-1 Mylan

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…

 

Erez Vigodman,   Teva

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 CEO Erez Vigodman

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…

Erez Vigodman- TEVA

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…

(L-R) Robert J Coury,   Mylan and Josegh Papa,   Periggo

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…

TEVA ,   EREZ VIGODMAN Robert-J-Coury-1 Mylan 320X=p

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…

Joseph C. Papa - PERRIGO - PR

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…

Joseph C. Papa - PERRIGO - PR

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…

Joseph C. Papa - PERRIGO - PR

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…

(L-R) Robert J Coury,   Mylan and Josegh Papa,   Periggo

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…

(L_R) Teva CEO EREZ VIGODMAN and PERRIGO CEO Joseph Papa

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…

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