Mylan announces new offer for Perrigo, says it will take $27.14B bid directly to shareholders

MarketsAssociated Press

Dutch drugmaker Mylan says it will launch a $27.14 billion offer for Irish generic drug and ingredients maker Perrigo on Monday.

Perrigo has already turned down several offers from Mylan, so Mylan says it will take the latest offer directly to the company's shareholders.

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The cash-and-stock bid values Perrigo at about $185.52 per share. That's a premium of about 4 percent to the Friday closing price of Perrigo Co. shares, and the stock added $2.03 to $180.83 in morning trading.

Mylan wants to combine its prescription generic drug business with Perrigo's business in over-the-counter products like vitamins, nutritional products and infant formula.

Mylan offered to buy Perrigo for $232.23 per share in April, but Perrigo said that cash-and-stock offer wasn't worth as much as Mylan said.