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Perrigo Asks Shareholders to Reject Mylan’s Latest Bid

By launching the offer, Mylan bypassed Perrigo’s management and board, which have rebuffed its advances.

“I strongly urge you to protect your investment in Perrigo and net tender your shares into Mylan’s inadequate offer,” wrote Perrigo Chief Executive Joseph Papa in a letter to shareholders.

The bid doesn’t account for Perrigo’s growth prospects and a tie-up would also expose Perrigo shareholders to financial risks, as about two-thirds of Mylan’s bid consists of Mylan stock, “which we believe...