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Perrigo (PRGO) Stock Advances, Starboard Discloses 4.6% Stake

NEW YORK (TheStreet) -- Shares of Perrigo (PRGO) were increasing in pre-market trading on Monday as the activist hedge fund Starboard Value revealed a 4.6% stake in the stock.

Starboard is now urging the Allegan, MI-based drugmaker to hire advisers to explore a sale of its prescription pharmaceuticals business, as well as other alternatives, the hedge fund said Sunday in a letter to Perrigo, according to the Wall Street Journal.

The hedge fund said the company has had several "operational and financial missteps" while fending off a $26 billion takeover bid from Mylan (MYL) last year.

Starboard added that Perrigo has been distracted by the merger and other factors, resulting in lower investor confidence, the...