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.”