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Mylan (MYL) Stock Drops as Perrigo Fights Takeover

NEW YORK (TheStreet) -- Mylan (MYL - Get Report) stock is falling 4.08% to $38.22 on heavy trading volume on Thursday after Perrigo Co. (PRGO) announced plans to boost profits and convince shareholders not to accept the pharmaceutical company's takeover bid.

U.K.-based Mylan began offering $75 in cash and 2.3 Mylan shares for each Perrigo share on September 14. The deal expires on November 13.

Earlier today, Perrigo announced plans to buy back $2 billion in shares over the next three years, with $500 million of the repurchases being completed this year.

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The Irish pharmaceutical company also announced a restructuring plan that could lead to $175 million in annual savings.

Perrigo will cut 800 job, or 6% of its total workforce, by consolidating operations, transferring management teams to its headquarters, streamlining its organizational structure, and selling its U.S. vitamins, minerals and...