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After rejecting Teva’s unsolicited $40 billion purchase offer, Mylan has increased its own offer to purchase Perrigo from $29 billion to over $32 billion in cash in stocks.
Mylan announced on April 29, 2015 that it would increase its offer to acquire Perrigo to $232.23 per share, or approximately $32.7 billion. Under the terms of the offer, Perrigo shareholders would receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share.
Mylan cited industrial logic as one of the reasons behind the recent rejection of Teva’s $40 billion offer to acquire Mylan. Heather Bresch, Mylan CEO, used the same argument to explain why a Mylan-Perrigo agreement would be beneficial for all parties: “The industrial logic behind the combination of Mylan and Perrigo will generate significant value for customers, patients, employees, shareholders and other stakeholders by creating a one-of-a-kind global healthcare company that will be uniquely positioned within our evolving industry given its complementary businesses and cultures, unmatched scale in its operations and infrastructure, broad and diverse portfolio, and immense reach across distribution channels around the world.”