Perrigo shareholders reject Mylan’s $26bn takeover bid

Mylan offered $75 in cash and 2.3 ordinary shares for each Perrigo share. Perrigo has however called the Mylan proposal inadequate.

Following the offer expiry, Mylan executive chairman Robert Coury said: "Mylan viewed Perrigo as a unique and exciting opportunity, but not one that was required for the future success of our company."

Mylan can not make another bid for Perrigo for at least a year.

Perrigo chairman and CEO Joseph Papa said: "We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects.

"Now that the Mylan tender offer is behind us, we look forward to continuing to create significant value for our shareholders. Our confidence in Perrigo’s compelling near- and longer-term growth prospects and our steadfast commitment to delivering returns to shareholders remain unchanged."

Perrigo said it will immediately start its $2bn share-buyback plan. The company intends to complete $500m of the proposed repurchase by the end of this year.

Headquartered in Ireland, Perrigo manufactures over-the-counter products and supplies infant formulas for the store brand market.