MYL Mylan NV

Mylan NV on Monday officially brought its takeover bid for Perrigo Co. directly to the company's shareholders, after being publicly rebuffed since April.

Mylan is offering $75 in cash and 2.3 shares of Mylan for each Perrigo share held, valued at about $187 based on Friday's closing price. Perrigo's shares closed at $179.67 a share on Friday, down 8.3% in the past month.

Perrigo shareholders would own about 40% of the combined company under the terms of the offer, which is set to expire Nov. 13. By launching the offer, Mylan is bypassing Perrigo's management and board, which have rebuffed its advances.

The offer is valued at around $27 billion based on Friday's closing prices, compared with its value of over $35 billion when Mylan made the latest offer in late April.

Mylan's share price has slid 34% in the past three months.

Mylan in April publicly bid for Perrigo, saying a combination would create a strong competitor in the quickly consolidating pharmaceuticals sector. Perrigo has rejected Mylan's offers as too low.

In late August, Mylan won approval for the bid from two-thirds of votes cast at its shareholder meeting, and it got support from more than a majority of the company's shares outstanding.

Mylan also lowered its bar for the deal, saying that rather than needing support of 80% of Perrigo shares to close the transaction, a simple majority would suffice.

Mylan and Perrigo are both generic-drug makers, but focus on different segments of the market. Perrigo makes cold and allergy medicines and infant formulas, including some sold under chain brands at Walgreens Boots Alliance Inc. and Wal-Mart Stores Inc.

Mylan concentrates on generic drugs, but is best known for its branded EpiPen allergic-reaction treatment, which may soon face pressure from potential competitors.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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(END) Dow Jones Newswires

September 14, 2015 09:35 ET (13:35 GMT)

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