UPDATED: Third time's no charm for Mylan as Perrigo shoots down latest bid

With Mylan's ($MYL) second bid for Perrigo, it actually hit below the first bid the Irish drugmaker rejected, Perrigo ($PRGO) contended. And now, Perrigo says Mylan's done it again.

Just 103 minutes after the generics giant said it would pay $232.23 per share for Perrigo--$75 per share in cash and 2.3 Mylan shares for each Perrigo share--Perrigo shot holes in that idea, arguing that its suitor "continues to propose a price lower than the previously rejected proposal."

Mylan Chairman Robert Coury

The problem, to Perrigo, is Mylan's stock price assumptions. Mylan cites its $68.36 close the day of its first Perrigo bid. Perrigo thinks that's too high, considering all the deal action around Mylan.

"Based on Mylan's unaffected price of $55.31 per share on March 10, 2015, the last day of trading prior to widespread public speculation that Teva was considering an offer for Mylan, the value of the revised offer is $202.20 per Perrigo share," the company said--which hits below the $205 per share Mylan originally put forth.

Perrigo's turn-down comes despite assurances from Mylan Chairman Robert Coury that a pact between the two would be a "win-win" for both drugmakers' shareholders. Perhaps to send a message to Mylan's own suitor, Teva ($TEVA)--whose M&A approach he recently criticized--on Wednesday, Coury once again highlighted Mylan's "'hell or high water'" commitment to snagging U.S. antitrust clearance for the Perrigo buy and the already-committed financing for its offer.

And with Teva on his company's back, it's no wonder he's so enthusiastic about the prospects of a Perrigo tie-up. If Mylan can't land a deal of its own, it'll have one less reason not to tango with the Israeli drugmaker. After all, some analysts, including Cowen & Co.'s Ken Cacciatore, already see Mylan's issues with Teva's bid--including valuation and business overlap--as "surmountable."

All things considered, he expects the Teva deal to be the one that ends up happening. "We believe that the process is proceeding roughly as expected and that we are witnessing the early phases of Mylan seeking to obtain the best offer possible from Teva," he wrote in a note to clients on Monday, noting the recent sit-down between the two companies as a positive sign. "We continue to believe this wealth-creating transaction will occur."

- read Perrigo's release
- read Mylan's release

Special Reports: Top 10 generics makers by 2012 revenue - Mylan - Teva | Pharma's top 10 M&A deals of 2014

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