Perrigo Asks Shareholders Not To Take Action On Mylan Offer - Quick Facts

(RTTNews) - Perrigo Company plc (PRGO) confirmed that Mylan N.V. (MYL) has commenced an unsolicited exchange offer to acquire all of the issued and to be issued ordinary shares of Perrigo. Perrigo asked its shareholders to take no action in relation to the offer at this time pending the Board's review.

Perrigo noted that its board will assess Mylan's offer and advise Perrigo shareholders of its recommendation regarding the exchange offer within 10 business days by making available to shareholders.

Earlier today, Generic drugmaker Mylan said that it has officially commenced its formal offer to acquire all outstanding ordinary shares of Irish peer Perrigo.

Mylan said last Tuesday that it plans to launch its $27 billion cash and share takeover bid directly to Perrigo's shareholders after Perrigo's management and board refused to engage in talks regarding its offer.

Under the terms of the offer, Perrigo shareholders will receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share. Perrigo shareholders will own about 40 percent of the combined company upon completion of the transaction.