Shareholders of Perrigo (PRGO) rejected a hostile takeover bid by fellow generic drug maker Mylan (MYL) Friday morning, sending Perrigo stock down and Mylan up in early trading. Mylan said in a press release that by the 8 a.m. ET deadline some 40% of Perrigo shares had been validly tendered, missing the 50% required for the takeover to succeed. Mylan management maintained in the statement that it would be fine without Perrigo. “Mylan’s focused
The war of words heated up between generic drug makers Mylan (MYL) and Perrigo (PRGO) this week as both companies strove to win a shareholder vote set for Friday on Mylan’s hostile takeover attempt. Mylan first proposed buying Perrigo back in April for $60 in cash plus 2.2 Mylan shares for each Perrigo share, which it later lifted to $75 a share plus 2.3 Mylan shares — at the time, about $36 billion. By the time Mylan launched its tender offer on
Shareholders of generic-drug giant Mylan (MYL) on Friday voted in favor of continuing the firm’s hostile bid for Perrigo (PRGO), launching what could be a protracted battle. Mylan said two-thirds of shareholders had approved both the transaction and the issuance of shares to Perrigo shareholders for the cash-and-stock bid, which as of Mylan’s last formal proposal in April was worth $205 a share. Perrigo, the subject of today’s New America profile,