On Monday, Mylan rejected Teva's $40 billion offer and made public a scathing letter to Teva. Two days later, Perrigo rejected Mylan's latest offer, worth $34.1 billion.

Mylan claims Teva's offer grossly undervalues the company, and Mylan CEO Robert Coury expressed his extreme displeasure with the Israel-based company in a public letter. In response to Mylan's letter, Teva then sent its own letter to Mylan's board, reiterating that Teva’s proposal provides premium value for Mylan, and discouraging Mylan's "mudslinging."

Perrigo, which sells OTC consumer products, continues to assert that Mylan's latest offer is too low, and Mylan now plans take its offer for Perrigo directly to shareholders.

Read the Reuters updated press release