ALLEGAN – Mylan NV lost its $26 billion hostile bid for Perrigo Co. after a seven-month pursuit, a rare outcome in what shaped up to be one of the most bitter takeover battles in decades, the Wall Street Journal reported Friday.
Mylan said that about 40 percent of Perrigo’s shares were tendered in the offer. It needed at least 50 percent to take control of its smaller rival.
The cash-and-stock offer expired 8 a.m. Friday, but most institutional investors had to tender by Thursday night to be counted by the national stock clearinghouse known as DTC, the Journal reported.
Shares of Mylan rose 8.8 percent to $47.01 a share in morning trading, while Perrigo shares fell 7.4 percent to $145 a share.
The sharp drop in Perrigo’s share price was “not a surprise,” said Judy Brown, Perrigo’s chief financial officer. Brown said Friday that Perrigo would begin buying back its shares immediately to take advantage of the stock decline.
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