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John123 in Mergers & Acquisitions,

Mylan skyrocketed 13% after Perrigo shareholders snub $26 bln hostile bid

Perrigo Co Plc's (PRGO) shareholders rejected Mylan NV's (MYL) $26 billion hostile bid, ending the Netherlands-based generic drug maker's seven-month pursuit of its smaller rival.

Mylan's offer expired on Friday with just 40 percent of Perrigo shares tendered, below the required minimum 50 percent, ensuring victory for Perrigo Chief Executive Joseph Papa.

Mylan shares rose as much as 14.4 percent, while Perrigo shares fell as much as 10 percent.

Mylan Executive Chairman Robert Coury, who snubbed an offer from Teva Pharmaceutical Industries Ltd to pursue Perrigo, said the company was ready to move on.

Mylan is well-positioned to "quickly execute on the next strategic, value-enhancing opportunities," some of which it has already identified, Coury said in a statement.

Mylan shares closed on Friday up 12.92% at $48.78.

On weekly chart we can see that MYL have potential to rose to around $53.