Generic drugmaker Mylan NV said on Friday it would commence a formal offer to acquire Perrigo Co Plc, three days after Perrigo rejected its unsolicited offer.
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Perrigo shareholders will receive $60 in cash and 2.2 Mylan ordinary shares for each Perrigo ordinary share, Mylan said.
Perrigo unanimously rejected Mylan's $205 per share offer on Tuesday, saying the bid substantially undervalued the company.
"Mylan has today begun a legally-binding process under the Irish Takeover Rules to commence its offer for Perrigo ...," Executive Chairman Robert Coury said in a statement on Friday.
Mylan received an unsolicited $40 billion offer from larger rival Teva Pharmaceutical Industries Ltd on Tuesday.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila)