Perrigo announced that its Board of Directors has reviewed Mylan's $27B unsolicited bid and unanimously determined that the offer substantially undervalues the company.
Accordingly, the Perrigo Board recommends that shareholders NOT tender any of their shares to Mylan.
Mylan first proposed to buy Perrigo in April and launched a tender offer to Perrigo shareholders on Monday, after its bid was repeatedly rejected by Perrigo.
Perrigo CEO Joseph Papa sent a letter to shareholders outlining the consequences if Mylan were to succeed in acquiring Perrigo shares. Says Papa, "we are not opposed to any deal, just a bad deal."
Read the full letter to shareholders