Mylan Commences Formal Offer to Acquire Perrigo
September 14, 2015.
Mylan (Canonsburg, PA) has officially commenced its formal offer to acquire all outstanding ordinary shares of Perrigo (Dublin, Ireland).
Under the terms of the offer, Perrigo shareholders will receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share. Perrigo shareholders will own approximately 40% of the combined company upon completion of the transaction.
Mylan's Executive Chairman Robert J. Coury commented that the price his company is offering Perrigo shareholders "represents a generous multiple of approximately 19x[1] based on Mylan's current share price, which is one of the highest multiples paid in our industry to date taking into account recent large transactions, and we believe this multiple fairly reflects the intrinsic value of Perrigo."
The offer and withdrawal rights are scheduled to expire at 1:00 P.M. (Irish time)/8:00 A.M. (New York City time) on November 13, 2015, unless the offer is extended with the consent of the Irish Takeover Panel.
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