Perrigo Confident Shareholders "Will Reject Mylan's Value Destructive Transaction"

Irish pharma company Perrigo today commented on the takeover bid from Mylan (Canonsburg, PA).

"Following extensive discussions with our shareholders, we are confident that most of them believe that Mylan's offer substantially undervalues Perrigo and would dilute our growth profile and superior valuation," said Joseph C. Papa, Perrigo's Chairman, President and CEO. "The offer also would subject Perrigo shareholders to Mylan's highly troubling governance approach and serious risks related to Mylan's lowered 50%+ acceptance condition. Investors, rating agencies, and leading proxy advisory services have noted that the lowered threshold would make any synergy targets more difficult to achieve, raise integration and execution risk and add additional downward pressure on Mylan's credit rating."

For more on Perrigo's statement, click here.