Perrigo Shareholders Reject Mylan's Offer; Mylan's Stock Soars, Perrigo Plunges

(RTTNews) - Perrigo Company plc (PRGO) said shareholders holding over 60% of the company's outstanding shares refused to tender into Mylan's inadequate offer. Perrigo said it will immediately commence the company's previously announced $2 billion repurchase of Perrigo shares and plans to complete $500 million of the planned repurchase by the end of 2015.

Joseph Papa, Perrigo CEO, stated, "We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects. I am delighted that Perrigo shareholders voiced their clear support for this management team and our long-term strategy, highlighted by our 'Base Plus Plus Plus' growth model."

In pre-market trading, Mylan's shares were up by 9%, while Perrigo stock was down about 7%.