Mylan's shareholders think it is a dandy idea to continue to pursue a takeover of Perrigo. Two thirds of those who voted today favored pursuing the buyout of over-the-counter specialist despite the adamant opposition to the deal from Perrigo CEO Joseph Papa and his board.
Perrigo may be embroiled in a takeover fight with pursuer Mylan, but that hasn't stopped it from pursuing tie-ups of its own--even $1 billion-plus buys.
Friday, Mylan's shareholders will vote on whether the company should move ahead with its hostile bid for Perrigo. But Teva won't be among them, despite the fact that it built up a 4.61% Mylan stake when it was trying to buy the company earlier this year.
There are just three days left until Mylan's shareholders decide whether the company should push forward with its hostile pursuit of Perrigo. And just in case they do, Perrigo is making sure its own shareholders are ready to shoot it down.
On Wednesday, a pair of proxy advisers recommended that Mylan shareholders support the company's quest to bag Irish target Perrigo. But not ISS.
Mylan hopes its shareholders vote in favor of its hostile bid for Ireland's Perrigo. And it got a boost on Wednesday that may help convince them to do so at a shareholder meeting later this month.
There's just over two weeks left until Mylan's shareholders vote on its proposed hostile takeover of Perrigo, and the Irish target is using the time to meet with shareholders of both companies. Right now, its leaders feel "good about where they stand," according to Bernstein analyst Ronny Gal--but there are some question marks hanging over them, too.
Perrigo CEO Joseph Papa said this week that he doesn't intend to make it easy for Mylan to pull off a hostile takeover of his company. But the way Mylan sees it, if it loses out, it's not the end of the world.
Perrigo has stayed quiet since Teva dropped its hostile pursuit of Mylan, choosing instead to snap up Allergan's generics business for $40.5 billion. Mylan's shares plummeted on that news. And now, Perrigo has broken its silence--and the word isn't what Mylan wants to hear.
Teva's $40.5 billion deal to buy Allergan's generics business ended its pursuit of Mylan and left its rival the chance to snap up its own hostile target, Perrigo. But the way some analysts see it, things won't necessarily go that way.