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Perrigo to Cut Jobs, Buy Back Shares to Fend off Mylan Offer

Perrigo Co. plans to cut 800 jobs and buy back $2 billion of shares to boost shareholder returns as it continues to fend off a hostile takeover bid from Mylan NV.

The reduction in headcount is equivalent to about 6 percent of its global workforce, the company said in a statement on Thursday. Perrigo also promoted John Hendrickson to the position of president, and said that about $500 million in shares will be repurchased in the fourth quarter, boosting earnings by 15 cents a...