Dublin based pharma group Perrigo has rejected Mylan's unsolicited $27 billion tender offer, saying it substantially undervalued the company and did not adequately compensate shareholders.
“We are not opposed to any deal, just a bad deal,” Perrigo said.
Perrigo said shareholders should "just say no" by taking no action. Netherlands-based Mylan launched its tender offer on Monday.
Mylan first announced it wanted to buy Perrigo in April.
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Mylan relocated from the US to the Netherlands last year after completing its own “tax inversion” that allowed it to slash its corporate tax bill. Its Dutch domicile also gives it a more powerful set of tools to repel hostile takeovers.
