Fri, May 27, 5:39 PM
Tue, May 17, 8:15 AM| Tue, May 17, 8:15 AM | 4 Comments
Mon, Apr. 25, 12:47 PM
Mon, Apr. 25, 10:44 AM
Mon, Apr. 25, 9:17 AM
Mon, Apr. 25, 8:24 AM
- Perrigo (NYSE:PRGO) names President John Hendrickson as CEO. The board decided to waive the non-compete clause in former chief Joseph Papa's contract and not contest his departure to Valeant Pharmaceuticals (NYSE:VRX).
- Shares are off 11% premarket on robust volume. VRX is up 2%.
- Update: Valeant formerly announces the hiring of Mr. Papa.
Thu, Apr. 21, 11:55 PM
- Valeant Pharmaceuticals (NYSE:VRX) is finalizing a contract that would name Perrigo (NYSE:PRGO) CEO Joseph Papa as its next CEO, Dow Jones reports.
- VRX has reached a deal with Papa and hopes to announce as soon as next week that he would succeed longtime CEO Michael Pearson, but it remains unclear whether PRGO's board would allow Papa to void a non-compete clause in his contract, according to the report.
- Papa has broad industry experience with pharmaceutical companies such as PRGO and wholesalers such as Cardinal Health, skills the VRX board is seeking to help mend relations with payers.
- Shares are up 6% premarket on increased volume.
- PRGO is down 5% premarket on average volume.
Mon, Mar. 7, 6:41 PM
- Signing deals is often lucrative for executives, but squelching them can be as well. Perrigo (PRGO +2%) gave three executives bonuses for their roles in defending against a $26B hostile takeover by Mylan (MYL +3%).
- Perrigo CEO Joe Papa got additional restricted stock worth $1.5M in December along with a $500K cash bonus, tied to his “key contributions related to Mylan’s hostile takeover attempt” last year.
- CFO Judy Brown and General Counsel Todd Kingma each got stock awards of $375K and cash in the same amount, as well.
- Months of pursuit ended last year after Perrigo's board unanimously rejected Mylan's offer and only 40% of shareholders voted for the deal.
- Perrigo preliminary proxy statement
Fri, Feb. 19, 11:18 AM
- Perrigo (PRGO -2.5%) has slumped more than 12% since yesterday's Q4 earnings announcement that came in below consensus. Jefferies maintains its Buy rating but has lowered its price target to $163 (28% upside) from $209.
- Previously: Perrigo misses by $0.12, misses on revenue (Feb. 18)
- Previously: Perrigo reports Q4 and FY15 results (Feb. 18)
Thu, Feb. 18, 9:22 AM
Nov. 13, 2015, 9:14 AM
Nov. 13, 2015, 7:54 AM
- To no one's surprise, it appears that Mylan (NASDAQ:MYL) will come up short in its effort to get Perrigo (NYSE:PRGO) stockholders to tender at least 50% of the company's outstanding shares by this morning. The deal was $75 in cash plus 2.3 MYL shares for each PRGO share. Based on yesterday's closing prices, Mylan's bid is valued at $174.36, a modest 11.4% premium over Perrigo's closing price of $156.55.
- PRGO shareholders appear to agree that Mylan's bid was too low.
- In premarket trading, MYL is up 11% and PRGO is down 11%, both on robust volume.
Oct. 30, 2015, 5:19 PM
- Mylan (MYL -3.7%), down 0.2% after hours, says in its 10-Q filing that on Sept. 10, it got a subpoena from the SEC "seeking documents with regard to certain related party matters."
- "Mylan is cooperating with the SEC in its investigation, and we are unable to predict the outcome of this matter at this time," the company says of the subpoena.
- Mylan issued a Friday night document dump related to its hostile Perrigo (PRGO -4.9%) bid.
- Perrigo reacted predictably to Mylan's latest earnings presentation, again calling the offer "grossly inadequate" and saying the presentation appeared "PRGO)+Comments+on+Mylan+(NASDAQ:MYL)+Presentation%3B+Says+it+Appeared+Unconvincing/11020465.html" target="_blank">unconvincing." Perrigo still strongly recommends its shareholders avoid tendering into Mylan's deal.
- "Mylan is avoiding the real measures that shareholders look to, such as actual takeover premiums and Perrigo's durable high trading multiple, and instead invents new concepts – such as 'hypothetical' share prices and 'accretion' to target shareholders," Perrigo's statement read.
- Previously: Perrigo strikes out with NY court in attempt to block Mylan bid (Oct. 30 2015)
- Previously: Mylan fails to impress analysts on the merits of its bid for Perrigo (Oct. 14 2015)
Sep. 22, 2015, 7:06 PM
- Drugmaker Mylan (MYL -3.1%) -- in the middle of a contentious hostile pursuit of Perrigo (PRGO -1.6%) -- has countersued Perrigo over "serious misstatements" it's made about the $27B tender.
- Those statements were in the lawsuit that Perrigo filed last Thursday, which sought to block any tender offer unless Mylan corrected its misleading statements about the merger.
- Since an April 8 bid, Perrigo stock is down 10.3%; Mylan is down 29.6% over the same period. Shares of both companies are flat in after-hours action.
Aug. 17, 2015, 3:34 PM
- With a rack of 13F filings on the weekend disclosing Q2 holdings, it turns out that Time Warner Cable (TWC +2.1%) was among the top adds by hedge funds and influential investors.
- The company -- in the long process of being acquired by Charter Communications (CHTR +3.6%) -- got new stakes from 7.7% of filers, according to WhaleWisdom.com, which tracks 196 funds. Among those, Soros Fund Management took a 1.45M-share position.
- Only Perrigo (PRGO +0.6%) was added by more filers, at 10.2%. Investors filing that they had opened new buys of TWC came to 16.7M shares added in aggregate.
- On the other hand: TWC was also eliminated by the highest percentage of filers -- 6.6%, getting rid of 8.89M shares. On a net basis, acquisitions of shares still outnumbered dispositions. The second-biggest stock eliminated was Applied Materials (AMAT +2.3%), cut by 6.1% of filers who shed 28.36M shares in aggregate.
- Previously: Buffett 13-F and media: Bought Charter, cut stake in Viacom (Aug. 14 2015)
- More 13F coverage
Apr. 21, 2015, 8:48 AM
- 50% stock and 50% cash
- Expected to be significantly accretive to Teva non-GAAP EPS, starting in the mid-teens in year 1 and approaching 30% by year 3.
- Teva/Mylan product offerings would create a combined pipeline of over 400 pending ANDAs and over 80 first-to-files in the U.S.
- MYL +9.3% premarket to $74.40. TEVA +2.8% premarket.
- Previously: Bloomberg: Teva offer for Mylan could come today (Apr. 21)
- Previously: Mylan says rumored Teva marriage would not makes sense (Apr. 20)
- Related: Why Does Mylan Want To Buy Perrigo? (Apr. 9)
Perrigo Co. Plc engages in the production of over-the-counter consumer goods and specialty pharmaceutical products. It operates through the following segments: Consumer Healthcare (CHC), Branded Consumer Healthcare (BCH), Prescription Pharmaceuticals, and Specialty Sciences. The CHC segment... More
Industry: Drug Related Products
Country: United States
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