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.
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.
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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.