Perrigo Rejects New Bid Offer From Mylan

Perrigo Co. has rejected an increased cash-and-stock bid from Mylan N.V. , setting the stage for more drama in the generic drug market. Irish-based Perrigo reiterated earlier claims that Dutch-based Mylan "significantly undervalued" the company with its offer of $75 in cash plus 2.3 Mylan shares for every Perrigo share, raised unilaterally by Mylan earlier in the day. There are differing views on the value of the new offer, with Perrigo saying Mylan traded at $55.31 a share on March 10, prior to Mylan receiving its own overtures from Israeli-based Teva Pharmaceuticals International Inc. , thus making the deal worth $202.20 per Perrigo share. Mylan says the deal is now worth $232.23 based on its own April 8 closing price of $68.36. Teva, meanwhile, continues to wait in the wings for Mylan with an offer of $82 a share. Mylan and Perrigo climbed 1% to $73.56 and $188.61, respectively. Teva was up half a percent to $61.64.