Starboard Value Targets Beaten-Down Perrigo (PRGO) - WSJ

September 12, 2016 6:05 AM EDT

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Activist hedge fund Starboard Value has taken a 4.6% stake in Perrigo (NYSE: PRGO) and is urging the company to refocus on its core business, the Wall Street Journal reported overnight.

Starboard has sent a letter criticizing the company for unsuccessfully living up to its performance targets it set while fending off Mylan's (NYSE: MYL) $26 billion takeover attempt last year.

Shares of PRGO are down over 50% over the past year.

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