MORGANTOWN, W.Va. — Hostile takeovers within drug manufacturing companies continued to drive business news Friday afternoon.
Irish company, Perrigo, reportedly rejected an increased offer from Mylan to acquire the company.
Perrigo officials had said an initial $28.9 billion dollar offer was a low ball offer. By Friday, Mylan increased the offer to $33 billion.
And, according to the company website, the latest Mylan proposal is in accordance to Irish Takeover Rules making it a legally binding step in the process.
“We are taking this next critically important step, which begins the clock under the rigid time frame set by the Irish Takeover Rules, in order to continue to ensure clarity and certainty around our intentions for investors, particularly in light of the strong market reaction to this combination and demands from investors for us to take this step,” Mylan’s Executive Chairman Robert J. Coury added in the release.
The Wall Street Journal reported “Perrigo executives said the bid was ‘lower than the previously rejected proposal’ based on Mylan’s unaffected share price before it became a takeover target itself.”
Meanwhile, Israeli company Teva continues the process to purchase Mylan in a hostile takeover move. Some are indicating Teva wants to eliminate Mylan as a generic competitor of one of its most marketed drugs to treat multiple sclerosis.