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Perrigo Board of Directors reject hostile takeover bid

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The hostile takeover bid of Allegan-based Perrigo by a major pharmaceutical company was rejected Thursday.

Perrigo’s Board of Directors unanimously rejected Mylan’s unsolicited offer to acquire the company. The board recommends shareholders do the same. A letter from Chairman and CEO Joe Papa reads, “I strongly urge you to protect your investment in Perrigo and NOT tender your shares into Mylan's inadequate offer.”

Perrigo’s board has repeatedly rejected Mylan offers and says its pursuer undervalues the company. Mylan’s offer is valued at about $27 billion proposing to pay $75 per Perrigo share and 2.3 shares of Mylan stock.

Papa’s reaction, “Mylan's offer not only fails to reflect Perrigo's outstanding track record of value creation, it also undervalues our compelling prospects for continued growth and sustainable, long-term shareholder value.”

Concluding shareholders should “JUST SAY NO by taking no action.”

Patrick Center, WGVU News.

Patrick joined WGVU Public Media in December, 2008 after eight years of investigative reporting at Grand Rapids' WOOD-TV8 and three years at WYTV News Channel 33 in Youngstown, Ohio. As News and Public Affairs Director, Patrick manages our daily radio news operation and public interest television programming. An award-winning reporter, Patrick has won multiple Michigan Associated Press Best Reporter/Anchor awards and is a three-time Academy of Television Arts & Sciences EMMY Award winner with 14 nominations.