ALLEGAN (WKZO) — Perrigo is rejecting an unsolicited 29-billion dollar offer from Mylan for a buy out of the firm, formerly based in Allegan.
Their offer would have amounted to about $205 a share, which was higher than the stock has been selling for, but not as high as the company says its future prospects could be.
They say the offer undervalues Perrigo and so they have said no.
Perrigo stock price fell soon after the announcement.
It comes as Mylan is fending off a 40-billion dollar hostile takeover from an Isreali firm.
