Some analysts have never been all that keen on Mylan's hostile quest for Perrigo. But some forthcoming obstacles for Perrigo's businesses now have at least one questioning the deal's logic even further.
As part of its so-called Base Plus Plus Plus strategy, specialty pharmaceutical company Perrigo announced that it is licensing Flamel's LiquiTime extended-release suspension to develop products for the U.S. over-the-counter market.
Mylan and its hostile takeover target, Perrigo, have been trading lawsuits in the U.S., but now they've taken their legal battle across the ocean.
Mylan and Perrigo's warring words have turned into warring lawsuits. After Perrigo sued last week to block Mylan's proposed takeover, saying the would-be buyer had misled shareholders, Mylan countersued, alleging its own set of "false and misleading statements."
Perrigo CEO Joseph Papa has cautioned investors against taking up an offer from hostile suitor Mylan. But Papa is already a Mylan shareholder himself.
Surprise, surprise. Perrigo, which has staunchly opposed suitor Mylan's buyout offers since the company first expressed interest back in April, has officially advised shareholders to shoot down the would-be buyer's proposal.
It's official: Mylan has taken its Perrigo buyout offer to the Irish company's shareholders. But plenty of industry-watchers are still opposed to the idea.
All eyes are on Perrigo's investors, who will have to decide whether to accept Mylan's offer when the wannabe acquirer takes it to them next Monday. And Israeli businessman Mori Arkin, for one, plans to deliver a resounding "no."
With the go-ahead from its own shareholders, Mylan is now pushing full steam ahead to acquire Perrigo--and as Chairman Robert Coury wrote in a Tuesday letter to its Irish target's CEO, "you and your board are now unable to stop the combination."
Mylan's shareholders think it is a dandy idea to continue to pursue a takeover of Perrigo. Two thirds of those who voted today favored pursuing the buyout of over-the-counter specialist despite the adamant opposition to the deal from Perrigo CEO Joseph Papa and his board.