Perrigo Rejects Mylan Offer; Posts Q3 Loss

(RTTNews) - Perrigo Co. plc (PRGO) said Tuesday that its Board of Directors has rejected the unsolicited Proposal from Mylan NV (MYL), disclosed April 8, to acquire all of the outstanding shares of Perrigo for $205.00 per share.

The Board concluded that the Mylan offer substantially undervalues the company and its future growth prospects and is not in the best interests of Perrigo's shareholders, Perrigo said.

Separately, Perrigo reported a net loss for its third quarter of $94.9 million or $0.67 per share, compared to net income of $48.1 million or $0.36 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was $248.5 million or $1.85 per share, compared to $176.2 million or $1.31 per share in the prior year quarter.

Net sales for the third quarter rose 4% to $1.05 billion from $1.00 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $1.78 per share on revenue of $1.11 billion for the third quarter. Analysts' estimates typically exclude special items.

For the calendar year 2015, the company forecasts net sales between $5.4 billion and $5.7 billion and adjusted earnings per share between $7.50 and $8.00.