Perrigo Board Rejects Mylan’s Unsolicited $28.9 Billion Proposal

Perrigo Co.’s board unanimously rejected Mylan NV’s $28.9 billion takeover proposal, saying it doesn’t reflect the value of the over-the-counter drug company’s growth potential.

“Continued execution by the management team against our global growth strategy will deliver superior shareholder value,” Perrigo Chief Executive Officer Joseph Papa said in a statement Tuesday.

Perrigo recommended shareholders take no action on Mylan’s $205-a-share cash-and-stock proposal, which was extended in the form of a letter earlier this month and wasn’t an official bid.

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