Mylan Makes New Bid for Perrigo

Mylan has announced a fresh $27.14 billion offer for generic drug and ingredients maker Perrigo.

The Ireland-based drugmaker previously rejected several offers from its Netherlands-domiciled rival – both are former US companies that relocated abroad for tax reasons. Mylan now plans to take the offer directly to shareholders. Perrigo said in August it was confident its shareholders would reject Mylan's overtures.

Mylan’s new cash-and-stock bid values Perrigo at about $185.52 per share, a premium of about 4% on the Sept. 4 closing price. The company initially offered to buy Perrigo in April of this year for $205 per share, later upping the ante to $232.23 per share, or $34.1 billion.

At the time of the first bid, Mylan was being pursued by Israeli generics giant Teva. The Israeli firm in the interim switched its target, agreeing to buy Allergan’s generic drug business for $40.5 billion.