Mylan Proposes $29 Billion Perrigo Purchase

April 8, 2015

Netherlands-based Mylan N.V. has made a proposal to acquire Ireland-based Perrigo Company plc in a cash-and-stock transaction that would produce a giant with critical mass in specialty brands, generics, over-the-counter (OTC) and nutritional products.

According to a press release, under the terms of the non-binding proposal, which was delivered to Perrigo's Chairman on April 6, 2015, Perrigo shareholders would receive $205 in a combination of cash and Mylan stock for each Perrigo share, which represents a greater than 25% premium to the Perrigo trading price as of the close of business on Friday, April 3, 2015.

Mylan's Executive Chairman Robert J. Coury said, "This proposal is the culmination of a number of prior discussions between Mylan and Perrigo about the compelling strategic and financial logic of this combination. This combination would result in meaningful immediate and long-term value creation, and our proposal is designed to deliver that value to shareholders and other stakeholders of both companies..."

The proposal is subject to the pre-condition of confirmatory due diligence, which pre-condition may be waived by Mylan at its discretion, the release said. This announcement is not an announcement of a firm intention to make an offer under rule 2.5 of the Irish Takeover Panel Act, 1997, Takeover Rules 2013 and there can be no certainty that an offer will be made, even if the due diligence pre-condition is satisfied or waived.

Read the full text of the letter delivered to Perrigo by Mylan on April 6, 2015.