Mylan offers nearly $29bn to acquire Irish OTC drugmaker Perrigo

As part of the non-binding proposal, Perrigo shareholders would receive $205 in a combination of cash and Mylan stock for each Perrigo share.

In a statement, Perrigo has confirmed that it has received an unsolicited, indicative proposal from Mylan regarding a possible offer.

The combination of these businesses would produce a company with critical mass in specialty brands, generics, over-the-counter (OTC) and nutritional products.

Mylan executive chairman Robert Coury said: "This proposal is the culmination of a number of prior discussions between Mylan and Perrigo about the compelling strategic and financial logic of this combination.

"This combination would result in meaningful immediate and long-term value creation, and our proposal is designed to deliver that value to shareholders and other stakeholders of both companies.

"We look forward in the weeks ahead to working with them to capitalize on this tremendous opportunity and working together to create a unique leader with a one-of-a-kind profile in our industry."

Perrigo said its board will meet to discuss the proposal and make a further announcement when appropriate, while it also noted that there can be no certainty that any offer will be made.

Image: Mylan offers $205 per share to buy Ireland’s Perrigo. Photo: courtesy of FreeDigitalPhotos.net / Wagging DogMedia Limited.