Perrigo Board Unanimously Rejects Unsolicited Proposal From Mylan
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Perrigo (PRGO) Left Door Open to a Higher Offer, Jefferies Says
April 22, 2015 6:52 AM EDTJefferies analyst David Steinberg reiterated a Buy rating and boosted its price target on Perrigo Co. (NYSE: PRGO) to $203.00 (from $187.00) after the Board unanimously rejected MYLs recent unsolicited bid to acquire the co for $205/sh.
Steinberg commented, "PRGO wasnt completely... More
Perrigo (PRGO) Price Target Raised to $225 at Guggenheim; Worth More as Standalone
April 22, 2015 6:26 AM EDTGuggenheim analyst Louise Chen reiterated a Buy rating and lifted her price target on Perrigo Co. (NYSE: PRGO) to $225.00 (from $195.00), saying the company is worth more on a standalone basis.
Chen commented, "We think PRGO's stock is worth more standalone than the $205 per... More
Perrigo (PRGO) Rejects $205/Share Mylan (MYL) Proposal
April 21, 2015 4:04 PM EDTPerrigo (NYSE: PRGO) announced that its Board of Directors has unanimously rejected the unsolicited Proposal (the "Proposal") from Mylan NV ("Mylan") (NASDAQ: MYL), disclosed April 8, 2015, to acquire all of the outstanding shares of Perrigo for $205.00 per share. Following a thorough review, advised by its financial and legal advisors, the Board unanimously concluded that the Proposal substantially undervalues the Company and its future growth prospects and is not in the best interests of Perrigo's shareholders.
Key factors informing the Board's determination include:
The Proposal substantially undervalues Perrigo's... More