Mylan’s hostile bid for Ireland-based drugs giant Perrigo likely to fail

Generic drug maker Mylan $26bn hostile bid for peer Perrigo looked unlikely to succeed, a few hours before it was set to expire, a person familiar with the matter said.

 

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

 

If confirmed, the outcome would represent a major victory for Perrigo’s defiant Chief Executive Joseph Papa, and a bitter blow to Mylan’s Executive Chairman Robert Coury, who snubbed an acquisition offer from Teva Pharmaceutical Industries to pursue Perrigo.

Around 40pc of Dublin-based Perrigo’s ordinary shares had been tendered ten hours before the tender offer was due to expire on Friday, significantly short of Mylan’s acceptance threshold of more than 50pc, the people said.

While more shares could still be tendered, many large institutional investors would have tendered their shares at this stage if they were going to accept the offer, the people added.

Read the full story at Reuters, by Greg Roumeliotis

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