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Perrigo rejected Mylan’s second proposal for an acquisition valued at more than $34 billion, saying that the offer was too low to consider.
On April 29, 2015 Mylan announced that it would up its offer to Perrigo from its original offer on April 8 of approximately $29 billion to more than $32 billion. However, on the same day, Perrigo rejected the offer stating that the value was too low to consider and urging shareholders to take no action. This announcement is one of a series of acquisition rejections between Teva, Mylan, and Perrigo. Mylan formally rejected Teva’s $40 billion acquisition proposal in a smoldering letter to the CEO on April 27, only two days prior.
“Based on Mylan’s unaffected price of $55.31 per share on March 10, 2015, the last day of trading prior to widespread public speculation that Teva was considering an offer for Mylan, the value of the revised offer is $202.20 per Perrigo share,” Perrigo said in a press release.