Connect with us

Hi, what are you looking for?

Jewish Business News


Perrigo CEO calls Mylan offer ‘grossly inadequate’; Israeli shareholder rejects the bid



Trying to fend off a hostile takeover attempt by Mylan’s $27 billion bid, Perrigo Chairman, President and CEO Joseph Papa sent a letter to Mylan Executive Chairman Robert Coury to ‘clarifying numerous misleading statements made by Mylan and reiterating Perrigo’s confidence that Perrigo shareholders will not tender into Mylan’s value-destructive offer, ‘ as said.

“We are confident in our ability to deliver value well in excess of your offer through our standalone plan and our acquisition strategy, ” Perrigo CEO Joseph Papa wrote.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

“The $205-per-share value that Mylan initially proposed, and your current lower offer, are grossly inadequate.”

Mylan’s offer, which was rejected by Perrigo’s board in April, “is neither compelling, nor accretive.” he add.

Mr. Papa cited “troubling corporate governance values at Mylan” and Mylan’s decision to lower the threshold for the number of Perrigo shares it needs to consummate the deal to anything over 50 percent (down from 80 percent) as other reasons the merger did not make sense.

“You pretend you could generate the same synergies whether you own 100 percent of Perrigo or whether you own only a control stake, ” Mr. Papa stated. “This defies economic theory and practice.”

Mr. Papa’s letter is expected to be one of many volleys between the two drug giants in coming weeks as Mylan tries to convince Perrigo shareholders to agree to the multi-billion-dollar takeover.

Mylan said it will launch a tender offer for Perrigo shares Monday. Shareholders will have until Nov. 13 to accept the offer.

But Israeli shareholder Mori Arkin already rejects Mylan Perrigo bid. Arkin sold his drug company Agis Industries to Perrigo 10 years ago for $850 million in cash and shares. The former vice chairman of Perrigo holds a 0.5% stake in the company.

Arkin told Reuters that he will vote against Mylan’s at next week’s shareholders meeting. “Usually, when a good company is acquired, it is for a significant premium. In our case, it’s negligible, if at all. If we wait a few months, we would have the same price without all the hassle and risk involved in a Mylan deal.”



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.