The Perrigo Company, Allegan County’s largest employer, has received word that a majority of shareholders has rejected Mylan’s hostile tender offer, “thereby expressing confidence in Perrigo’s long-term strategy, vision and management plans for the future.”
Shareholders with more than 60% of Perrigo’s outstanding shares refused to tender into Mylan’s offer by the 8 .m. Friday deadline.
Joseph C. Papa, Perrigo Chairman and CEO, said, “We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects. Strong organic growth, a disciplined approach to M&A, and transparent, accessible corporate governance policies are the foundation of our successful business strategy. I am delighted that Perrigo shareholders voiced their clear support for this management team and our long-term strategy, highlighted by our ‘Base Plus Plus Plus’ growth model.”
Perrigo employs about 4,000 people in West Michigan and it has a huge plant in Allegan, though its corporate headquarters is located in Dublin, Ireland.
Papa added, “Now that the Mylan tender offer is behind us, we look forward to continuing to create significant value for our shareholders. Our confidence in Perrigo’s compelling near- and longer-term growth prospects and our steadfast commitment to delivering returns to shareholders remain unchanged. We are grateful to all of Perrigo’s employees around the world, whose relentless efforts are reflected in today’s outcome. Even with all the distraction over the past seven months, our unrivaled team has executed our strategy and continued our commitment to delivering quality affordable health care products to customers and patients across the globe.”
Perrigo will begin its previously announced $2 billion repurchase of Perrigo shares immediately and plans to complete $500 million of the planned repurchase by the end of 2015.
Certain statements in this press release are forward-looking statements. These statements relate to future events or the company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company or its industry to be materially different from those expressed or implied by any forward-looking statements.
Perrigo Company, a top five global over-the-counter (OTC) consumer goods and pharmaceutical company, offers patients and customers products at affordable prices. From its beginnings in 1887 as a packager of generic home remedies, Perrigo, headquartered in Ireland, has grown to become the world’s largest manufacturer of OTC products and supplier of infant formulas for the store brand market.
The company is also a leading provider of generic extended topical prescription products and receives royalties from Multiple Sclerosis drug Tysabri®. Perrigo provides “Quality Affordable Healthcare Products®” across a wide variety of product categories and geographies primarily in North America, Europe, and Australia, as well as other markets, including Israel and China.