Perrigo rejects Mylan’s unsolicited exchange offer as inadequate

Perrigo said that its Board of Directors has reviewed Mylan’s unsolicited tender offer to acquire all of the outstanding shares of Perrigo and, in consultation with its financial and legal advisors, unanimously determined that the offer substantially undervalues the Company and does not adequately compensate shareholders for Perrigo’s exceptional growth prospects.

The Offer also would expose Perrigo shareholders to significant financial risks and Mylan’s troubling corporate governance values. Accordingly, the Board recommends that shareholders NOT tender any of their shares to Mylan.

The company filed a Schedule 14D-9 with the Securities and Exchange Commission (SEC) and the TASE detailing the reasons for its rejection, which included a letter to shareholders from Perrigo’s Chairman, President and CEO, Joseph Papa.