ALLEGAN (WKZO-AM) — Mylan will not take over Irish-based, Allegan-operated generic drug-maker Perrigo.
In a news release that was published about an hour after a Friday morning deadline, Mylan said it was able to tender only 40 percent of shares required for a hostile takeover. They needed over 50 percent to remove the company’s top brass and 80 percent to take full control.
Mylan will now be forced to wait at least a year before it can attempt to take the company over again.
On Thursday, Perrigo officials called Mylan’s $27 billion offer undervalued and a bad deal.
U.S. Rep. Fred Upton, R-Michigan, applauded the restraint shown by Perrigo shareholders.
“Kudos to the round-the-clock, round-the-world efforts by the Perrigo team,” Upton said. “Thankfully shareholders sided with the local community. The stockholders were convinced that the solid management and growth were far better than being bought off in a hostile takeover resulting in more job losses in the United States and Michigan.”
– Anthony Pollreisz
