Mylan makes cash-and-stock offer for Perrigo official; Perrigo has said offer is too low

Markets Associated Press

Generic drugmaker Mylan is making official its $32 billion-plus offer for over-the-counter medicines maker Perrigo despite opposition from a larger rival that wants to buy Mylan.

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Perrigo Co. rejected Mylan NV's offer Tuesday, saying it was too low. The same day, Teva Pharmaceutical Industries Ltd. went public with an offer to buy Mylan for about $40 billion. Teva wants Mylan to drop its offer for Perrigo.

Mylan says it will review Teva's bid but says it doesn't believe the companies are a good fit together.

Mylan says Perrigo shareholders would get $60 in cash and 2.2 shares of Mylan stock for every Perrigo share they own.

Based on Thursday's closing price, that combination would be worth $222.12 per share, valuing Perrigo at around $32.65 billion.