Perrigo Rejects Mylan Bid Of $205 a Share

MarketWatch Pulse

Irish drug maker Perrigo Co. PLC on Tuesday rejected Mylan N.V.'s takeover bid of $205 a share, thus complicating a merger triumvirate that also includes Teva Pharmaceuticals Industries . In a press release, Perrigo said Dutch-based Mylan's bid, disclosed April 8, "substantially undervalues" the company and its future growth prospects. Mylan, meanwhile, may find itself having to fend off an $82-per-share buyout offer from Israel-based Teva, disclosed Tuesday. Mylan has expressed concern about whether a merger with Teva would be a good fit, both from a product standpoint and regulatory concerns. Perrigo shares, which ended the day down nearly 3%, gained 28 cents after hours to $193.10. Mylan, up nearly 9% for the day on Teva's bid, was flat after the close.

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