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Perrigo Taking Actions To Fend off Mylan, Deliver Shareholder Value Far Superior To Mylan Offer

6% workforce reduction, $2 billion in stock repurchases and vitamin unit sale in the offing

“The actions we are announcing today to drive substantial profit growth make the gross inadequacy of Mylan’s offer clearer than ever, ” said Chief Executive Joe Papa.

The Dublin-based company also said it promoted John Hendrickson to President effective immediately, and charged him with overseeing the measures unveiled Thursday.

Mr. Papa said, “The actions we are announcing today to drive substantial profit growth make the gross inadequacy of Mylan’s offer clearer than ever.  We strongly believe that Mylan’s claims about synergies, benefits of its expected vertical integration and its ability to manage our business are simply wrong, particularly given the significant differences in our businesses and the markets in which we operate.”

Mr. Papa added “It is fundamentally irrational to believe that Mylan can run this business better or more profitably than our team. With the well-publicized market pressures on generic and branded pharmaceutical companies like Mylan, it’s not surprising that Mylan would want to add a top five, durable global OTC consumer goods business like ours – but make no mistake, this is a terrible deal for Perrigo shareholders.  Perrigo is positioned to create substantially more value than the Mylan offer, and on behalf of the Board, I urge all shareholders not to tender.”

 

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