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Mylan's tender offer for Perrigo unlikely to succeed: sources

Generic drug maker Mylan NV's (MYL.O) $26 billion hostile bid for peer Perrigo Company Plc (PRGO.N) looked unlikely to succeed late on Thursday, a few hours before it was set to expire, according to people familiar with the matter.

If confirmed, the outcome would represent a major victory for Perrigo's defiant Chief Executive Joseph Papa, and a bitter blow to Mylan's Executive Chairman Robert Coury, who snubbed an acquisition offer from Teva Pharmaceutical Industries Ltd (TEVA.TA) to pursue Perrigo.

Around 40 percent of Perrigo's ordinary shares had been tendered ten hours before the tender offer was due to expire on Friday, significantly short of Mylan's acceptance...