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Perrigo CEO says no easy path for Mylan to acquire company

Aug 5 (Reuters) - Perrigo Co Plc on Wednesday made a fresh case for rejecting a $34 billion offer from generic drugmaker Mylan NV and said Mylan's recent share price plunge reinforces Perrigo's intention to remain independent.

Perrigo Chief Executive Joseph Papa, in his first comments on the unsolicited acquisition attempt since Israel's Teva Pharmaceutical Industries dropped its pursuit of Mylan in favor of another deal, reiterated that the $205 per share offer substantially undervalues Perrigo.

On a call to discuss quarterly results Papa said the Perrigo board's rejection of Mylan was unanimous and had nothing to do with Teva walking away from its attempt to buy Mylan in favor of a $40.5 billion deal for Allergan's generics business.

However, Papa said, "the market movement following Teva's...