Perrigo

US-based Mylan has increased its offer to acquire all of outstanding shares of Ireland-based over-the-counter (OTC) and nutritional products maker Perrigo.

It will pay $75.00 per share in cash, with 2.3 Mylan ordinary shares for each ordinary Perrigo share

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The company noted that based on its closing stock price of $68.36 on April, the first day of market reaction to the initial proposal, the value of the new offer is $232.23 per Perrigo share or $34bn.

Mylan executive chairman Robert Coury said: “With this enhanced offer, I look forward to meeting with Joe Papa and his team to finalise the implementation of this truly compelling combination, which is a win-win for both Mylan and Perrigo shareholders and all other stakeholders.

“Perrigo has again rejected the increased acquisition offer, claiming that Mylan continues to propose a price lower than the previously rejected offer.”

“Previously, Mylan filed for US anti-trust clearance, made a ‘hell or high water’ commitment with respect to obtaining this clearance and committed to a timetable for closing. We have also secured firm committed financing for our offer.”

However, Perrigo has again rejected the increased acquisition offer, claiming that Mylan continues to propose a price lower than the previously rejected offer.

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Earlier this month, Mylan made an offer to acquire Perrigo for around $29bn in a cash and stock deal.

Morgan Stanley & Co acting through its affiliate, Morgan Stanley & Co. International plc, and JP Morgan Securities are acting as financial advisors to Perrigo.

Last week, Israel-based Teva Pharmaceutical Industries made an offer of around $40bn to acquire Mylan, but it was rejected by the US drugmaker.

Image: Photograph of the exterior of Perrigo’s Eastern Avenue Office. Photo: courtesy of Perrigo Company.