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Perrigo chief glad to move past Mylan; share repurchase plan commences

Nov. 13, 2015 9:44 AM ETPerrigo Company plc (PRGO) StockPRGO, VTRSBy: Douglas W. House, SA News Editor5 Comments
  • Perrigo (PRGO -6.9%) confirms that Mylan (MYL +10.6%) failed to gain tender commitments for at least half of Perrigo's shares in its bid for the company. As of the deadline this morning at 8:00 am ET, less than 40% of PRGO stockholders had tendered shares.
  • Chairman & CEO Joseph Papa says, "We have said all along that this offer from Mylan was a bad deal for our shareholders, as its significantly undervalued our durable business model and industry-leading future growth prospects. Strong organic growth, a disciplined approach to M&A and transparent, accessible corporate governance policies are the foundation of our successful business strategy. I am delighted that Perrigo shareholders voiced their clear support for this management team and our long-term strategy, highlighted by our "Base Plus Plus Plus" growth model. Now that the Mylan tender offer is behind us, we look forward to continuing to create significant value for our shareholders. Our confidence in Perrigo's compelling near- and longer-term growth prospects and our steadfast commitment to delivering returns to shareholders remain unchanged. Even with all the distractions over the past seven months, our unrivaled team has executed our strategy and continued our commitment to delivering Quality Affordable Healthcare Products to customers and patients across the globe."
  • The company will immediately begin its previously announced $2B stock repurchase program with a buy back of $500M by year end.

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