Mylan Ups Perrigo Offer To $242 Per Share

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Mylan Ups Perrigo Offer To $242 Per Share
By Mylan (Extracted from Mylan Institutional Factsheet.) [Public domain], via Wikimedia Commons

Mylan is clearly not giving up on its efforts to acquire Perrigo. Generic pharma giant Mylan Labs announced on Wednesday that it had raised its buyout offer for Perrigo yet again. Industry analysts note the firm is itself trying fend off a takeover by Teva Phamaceuticals.

With the new bid, Perrigo shareholders will receive $75 in cash and 2.3 Mylan shares for each Perrigo  share. Late last week, the firm upped its original offer to $60 and 2.2 shares of Mylan. This offer valued Perrigo at close to $222 a share (total value of $33 billion). Mylan’s initial bid was for $205 per share in an unspecified mix of cash and stock.

Mylan shares were up 0.2% in early trading, and shares of Perrigo gained 1.6%.

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Neither firm was willing to make a comment to the media at this point.

Statement from Mylan chairman

“With this enhanced offer, I look forward to meeting with Joe Papa and his team to fina