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Mylan to pitch today to Perrigo shareholders in hostile takeover bid

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

 

The hostile takeover bid for Perrigo Co. PLC continues with Mylan NV hosting a Tuesday,  5 pm,  conference call to pitch the buyout to Perrigo shareholders.

Perrigo has rejected the $27 billion buyout offer, saying it substantially undervalues Perrigo and “does not adequately compensate shareholders for Perrigo’s exceptional growth prospects.”

Mylan made its bid for generic and over-the-counter drugmaker Perrigo official on Sept. 14, after months of inquiries, has scheduled a conference.

By now, the Irish Takeover Panel said that it had rejected Perrigo’s request to declare Mylan’s unsolicited tender offer lapsed. So,

The panel added that Mylan’s offer remains lawful and valid and fully capable of acceptance by all Perrigo shareholders including Israeli ones.

On the Israeli side a source close to Mylan told “Globes: “Perrigo is trying to turn its listing in Israel into a poison pill.”

On Wednesday Tel Aviv District Court will hear Perrigo’s petition for an injunction halting all activity related Maylan’s offer; Mylan has filed its response in the court.

Perrigo said Mylan should have published a prospectus permitted by the Israel Securities Authority, as part of an acquisition offer for the Israeli public, which Mylan did not.

While Mylan claims it has no obligation to publish a prospectus in Israel for its takeover bid just because Perrigo is listed in Tel Aviv.

In the conference call today “Mylan will review a comprehensive presentation which outlines the compelling proposition for Perrigo shareholders, ” Mylan stated in an earlier press release. “Mylan’s offer represents a very attractive EBITDA multiple, one of the highest ever paid in the industry, and an attractive premium to Perrigo’s hypothetical unaffected stock price.”

The company said it will also outline how a combination of the two companies “would immediately achieve Perrigo’s stated business strategy and reduce its future business and performance risk.”

Perrigo sought a legal injunction on Sept. 17 to block the tender offer unless Mylan corrects what Perrigo claims are misleading statements about a potential merger.

 

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