Perrigo Responds To Mylan Executive Chairman's Letter - Quick Facts

(RTTNews) - Perrigo's (PRGO) Chairman, President and CEO Joseph Papa, sent a letter to Mylan (MYL) Executive Chairman Robert Coury clarifying numerous statements made by Mylan and reiterating Perrigo's confidence that Perrigo shareholders will not tender into Mylan's value-destructive offer.

Perrigo noted that its Board carefully evaluated Mylan's offer and determined that it substantially undervalues Perrigo and its bright growth prospects. It also has been very clear that the $205 per share value that Mylan initially proposed, and Mylan's current lower offer, are grossly inadequate.

Contrary to the letter, Perrigo said it has never refused to engage with Mylan, but its offers have simply not been a basis for discussions.

"For you to state that Perrigo's share price was protected "solely" by Mylan's offer is simply nonsense, in light of our continued focus on M&A opportunities and earnings performance over the past five months. While we do not share your claimed ability to predict how stock prices will move in the future, we know this - from July 24, 2015 (the trading day before Teva walked away from Mylan) until now, Mylan's share price has dropped more than 26%, with the S&P 500 falling only 5%, and the S&P 500 Healthcare Index dropping approximately 6%, over that same time period," Perrigo said.

On Tuesday, Generic drugmaker Mylan N.V. said that it plans to launch its $27 billion cash and share takeover bid for Irish peer Perrigo Co. plc on September 14, 2015.