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Perrigo urges judge to put Mylan offer on hold

A lawyer for Perrigo Co (PRGO.N) on Wednesday urged a federal judge in Manhattan to stop Mylan NV(MYL.O) from moving forward with its unsolicited offer to buy the Michigan-based drugmaker until it corrects what he called misleading statements to Perrigo shareholders.

Attorney Bradley Wilson's argument to U.S. District Judge Naomi Reice Buchwald focused on Mylan's promise that the deal would yield $800 million per year in synergies, and Mylan would de-list Perrigo from the New York Stock Exchange.

Wilson argued that the $800 million projection was based on Mylan's original plan to get full ownership of Perrigo, but that it stuck to that number even after saying it would settle for majority ownership.

Opening the door to majority ownership "completely changed...