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Perrigo shareholders thwart Mylan hostile takeover bid

Perrigo shareholders made it clear at Friday’s 8 AM deadline that they had no interest accepting what was considered a hostile tender offer. Perrigo shareholders holding over 60 percent of outstanding shares refused the Mylan offer. Perrigo Chairman and CEO, Joseph C. Papa said the offer undervalued the business and its long-term strategy.

Michigan U.S. Representative Fred Upton applauded the outcome saying, "This is a relief and much-deserved win for the hard working men and women of the Allegan community. Thankfully shareholders sided with the local community.”

In a statement, the company explains it “will immediately commence its previously announced $2 billion repurchase of Perrigo shares and plans to complete $500 million of the planned repurchase by the end of 2015.”

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.
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