Perrigo, a global supplier of generic and over-the-counter drugs has been staving off a hostile takeover from Mylan for the last few months. Merger and acquisition activity in the healthcare sector is on a record pace even though Perrigo's Chief Executive Officer Joseph Papa has stated his disapproval of this deal.
Papa has urged shareholders of Perrigo to decline the deal. He simply stated "This is a bad deal for the Perrigo shareholders," on Squawk on the Street Monday afternoon. The Wall Street Journal recently reported that Mylan is being investigated by the SEC regarding real estate deal disclosures.
While Papa believes at least 80% of Perrigo's shareholders will reject the deal, Mylan CEO is on record telling CNBC last month that:
"I think there's going to be a lot of volatility in the health-care market for a while," Bresch said. "So I think as shareholders step back and say, 'It'd be better to be part of a larger base that could absorb that volatility,' ... I feel very confident we are going to get the tenders."
Stay tuned for more news regarding this potential hostile takeover.
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