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Friday, 17 April 2015 15:32

Perrigo's shares dip after Bloomberg report

Written by  MiBiz Staff
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Perrigo Co. plc’s share price dipped this afternoon after Bloomberg reported that Israeli generic drug maker Teva Pharmaceutical Industries Ltd. was considering a bid for Mylan NV, which two weeks ago submitted an unsolicited offer to buy Perrigo.

Perrigo opened this morning at $196.86 per share and fell quickly about 3.6 percent to $189.63 per share shortly after the Bloomberg story was published online this afternoon. By shortly after 3 p.m., an hour before the market closed, shares of Perrigo (NYSE: PRGO) had recovered to $197.92 per share.

Citing unnamed sources, Bloomberg reported that Teva was exploring making a bid for Mylan, a Potters Bar, England-based (Nasdaq: MVL) producer of generic drugs and specialty pharmaceuticals.

Mylan, on April 8, sent a letter to Chairman and CEO Joe Papa that offered Perrigo (NYSE: PRGO) shareholders $205 per share in cash and stock for each share they hold.

Mylan’s announcement of the offer drove up Perrigo’s share by nearly 20 percent that day.

Read 1247 times Last modified on Sunday, 19 April 2015 14:54

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