Mylan’s seven month-long, $26 billion long-shot hostile bid for Perrigo has ended in defeat for the Netherlands-based drugmaker. By the target deadline of Friday, Nov. 13, only 40% of the Ireland-based company’s shareholders had agreed to tender by the target deadline.  A 50% acceptance rate was needed for the offer to proceed. Mylan is now barred for one year from making a fresh approach to Perrigo, though the market appeared to be in agreement that it wouldn’t try.

Both formerly American drugmakers, with a portfolio ranging from generic and prescription medicines and OTC products previously relocated moved to Europe to save tax, a so-called inversion process. Management of Dublin-based Perrigo had rejected Mylan’s cash-and-stock offer, launched in April, as inadequate. At the time, it was speculated that grab for Perrigo was an escape route for the Dutch-headquarter firm which was then being pursued by Israeli generics giant Teva.

As the pharmaceuticals world turned, Teva later dropped the ball on Mylan and opted to move in on Allergan instead. That company in turn fled into the arms of Actavis to flee Teva’s clutches, with the merged company subsequently changing its name to Allergan.

Commenting on the failed deal, Mylan’s executive chairman, Robert Coury, said management had viewed Perrigo as “a unique and exciting opportunity, but not one that was required for the future success of our company.

“With one of the strongest balance sheets in our industry,” Coury said, Mylan is “well-positioned to quickly execute on the next strategic, value-enhancing opportunities for our business, some of which we have already identified.” Analysts, who had contended that the offer for Perrigo was too high, said the spurned bid would free Mylan to focus on better moves such as a share buyback or acquisition of the generic assets of Sanofi or Pfizer.

Some commentators said the takeover breakdown would hurt several large hedge funds that had spent several hundred million dollars on acquiring Perrigo stock in expectation of a successful conclusion.

The US business newspaper Wall Street Journal noted that, “Perrigo joins a small club of companies that have successfully beaten back a tender offer on persuasion alone, without traditional corporate defenses. Irish takeover rules,” it said, “give boards of target companies few tools to shield themselves or find a ‘white knight’ buyer, leaving Perrigo at the mercy of shareholders.”