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Mylan says to commence offer for Perrigo

Reuters - UK Focus

April 24 (Reuters) - Generic drugmaker Mylan NV said on Friday it would commence a formal offer to acquire Perrigo Co Plc, three days after Perrigo rejected its unsolicited offer.

Perrigo shareholders will receive $60 in cash and 2.2 Mylan (Berlin: 6MY.BE - news) ordinary shares for each Perrigo ordinary share, Mylan said.

Perrigo unanimously rejected Mylan's $205 per share offer on Tuesday, saying the bid substantially undervalued the company.

"Mylan has today begun a legally-binding process under the Irish Takeover Rules to commence its offer for Perrigo ...," Executive Chairman Robert Coury said in a statement on Friday.

Mylan received an unsolicited $40 billion offer from larger rival Teva Pharmaceutical Industries Ltd on Tuesday.

(Reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila)