Fri, Aug. 28, 8:36 AM
- Perrigo (NYSE:PRGO) is confident its shareholders will reject Mylan's (NASDAQ:MYL) planned unsolicited offer to acquire the company.
- "We are confident that most of them [shareholders] believe that Mylan's offer substantially undervalues Perrigo and would dilute our growth profile and superior valuation," Perrigo CEO Joseph Papa said.
- Mylan intends to launch a formal offer to Perrigo shareholders in the coming weeks.
- Previously: Mylan shareholders support acquisition of Perrigo (Aug. 28 2015)
Fri, Aug. 28, 8:03 AM
- Mylan (NASDAQ:MYL) shareholders have overwhelmingly approved the proposed acquisition of Perrigo (NYSE:PRGO) and the related issuance of common stock to the latter's shareholders.
- Mylan now intends to launch a formal offer to Perrigo shareholders in the coming weeks.
- Previously: Mylan's vote on Perrigo approaches (Aug. 28 2015)
Fri, Aug. 28, 2:47 AM
- Mylan (NASDAQ:MYL) shareholders are scheduled to vote today on a matter related to its $36B hostile takeover bid for pharmaceutical company Perrigo (NYSE:PRGO).
- The vote - on whether Mylan can issue new stock for the offer - will be a critical step in moving forward with that bid.
- Although proxy advisory firm ISS has recommended that investors vote no, two of Mylan's biggest shareholders have already publicly supported the deal.
Tue, Aug. 25, 5:35 PM
- investors should stick with "market darlings" - the 25 stocks that had performed the best during the six months before a market pullback - according to the analyst team at RBC.
- The firm notes that although many recent winners are leading the market lower, the extent of the underperformance is just 1%; it also says investing in the group following sharp market pullbacks is a winning strategy over the ensuing week, month and six months.
- RBC's 25 market darlings are AET, ALTR, AMZN, AIZ, CVC, CI, CAG, EA, EQIX, EXPE, GME, GOOGL, HAS, HCA, MNST, NFLX, NKE, PRGO, REGN, SBUX, TSO, TWC, TSS, UA, UHS
Tue, Aug. 25, 3:57 PM
- Generic drugmaker Mylan's (NASDAQ:MYL) $35.1B hostile offer for Perrigo (NYSE:PRGO) is staying fairly hostile, as Perrigo chief Joseph Papa wrote shareholders today charging Mylan with threatening to delist Dublin-based Perrigo, from “every stock exchange, even if 49 percent of our holders say no to its offer."
- He's still highly negative about Mylan's change to acceptance conditions for the deal, to a 50% threshold from the previous 80%.
- Parts of Papa's statement may have misled shareholders or the market, in violation of rules, the Irish Takeover Panel says. Mylan responded with a statement calling Perrigo's comments "misleading."
- Separately, Mylan has launched a generic form of Pfizer's anti-infection injection Zosyn in the U.S., and noted that the Patent and Trademark Office has opened a review of the validity of two Copaxone patents licensed to Teva. Mylan sees its generic version of the multiple sclerosis treatment as "an exciting first-to-file opportunity."
- Previously: Shareholder vote advisor recommends Mylan investors nix Perrigo deal (Aug. 14 2015)
- Previously: Perrigo less than thrilled with Mylan's threshold-lowering maneuver (Aug. 13 2015)
Mon, Aug. 17, 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
Fri, Aug. 14, 9:08 AM
- Saying the deal faces too many hurdles, influential shareholder vote advisor Institutional Shareholder Services (ISS) recommends that Mylan (NASDAQ:MYL) stockholders vote against the company's bid for Perrigo (NYSE:PRGO).
- In a report issued today, ISS cites "unreasonable uncertainties" that PRGO shareholders will reject the offer (not surprising), not least because the current value of Mylan's stock-and-cash bid is now worth only $200 compared to $232 when it was announced.
- Mylan shareholders are scheduled to vote on the deal on August 28.
Thu, Aug. 13, 2:08 PM
- Perrigo (PRGO +3.3%) Chairman, President & CEO Joseph Papa has a low opinion of Mylan's (MYL -1.2%) lowering of the acceptance condition for its bid to "greater than 50%" of PRGO voting shares instead of the original "not less than 80%."
- He says, "Mylan already proposed a dilutive deal that substantially undervalues Perrigo; today's announcement makes it even worse. This scare tactic is simply an attempt to coerce Perrigo shareholders into a value destructive deal. We don't believe Perrigo shareholders will tender into this transaction at any threshold and we are confident that there is no rational path to a full acquisition of Perrigo. This move is an obvious sign of desperation that would have profoundly negative effects for shareholders, debt holders, customers and employees of both Perrigo and Mylan. Under Irish law, this structure all but guarantees that the promised synergy realization will fail and it would create material credit and equity risk for both companies, none of which Mylan has detailed to its own shareholders or ours. This reckless action runs contrary to the best interests of both Perrigo and Mylan shareholders, taking a value destructive threshold and making it materially worse when Mylan fails to achieve the 80% threshold necessary for consolidation. This is yet another example of Mylan's leadership disregarding their fiduciary responsibilities to represent the best interests of shareholders."
- The term "hostile takeover" seems particularly apt here.
- Previously: Mylan lowers acceptance condition on Perrigo bid to greater than 50% (Aug. 13)
Thu, Aug. 13, 7:51 AM
- Via an amendment to its bridge credit agreement, Mylan N.V. (NASDAQ:MYL) formally lowers its acceptance condition for its bid for Perrigo (NYSE:PRGO) to greater than 50% of PRGO ordinary shares from not less than 80% of PRGO ordinary shares. This means that no further consent from Mylan's lenders is needed if at least 50% of the voting rights then exercisable are secured at Perrigo's general meeting of shareholders.
- Mylan Executive Chairman Robert Coury says, "Mylan remains fully committed to completing the acquisition of Perrigo and today's action even further demonstrates this commitment. We intend to launch our offer to acquire Perrigo's ordinary shares after we receive the approval of our shareholders at our upcoming extraordinary general meeting and we look forward to making this combination a reality in the coming months."
Wed, Aug. 12, 4:35 PM
Thu, Aug. 6, 1:17 PM
- Mylan (MYL +0.5%) CEO Heather Bresch says that acquiring Perrigo (PRGO -1.8%) is "not a must" and it has other options should Perrigo prevail in fending off its hostile offer. "We've been actively looking at many targets out there" she said in a conference call with analysts.
- Ms. Bresch affirmed that Perrigo remains Mylan's top priority, though. If successful, it would pick up over-the-counter consumer products, generic topical medicines and animal health treatments. Mylan's shareholders will vote on the combination in the next several weeks.
Wed, Aug. 5, 10:14 AM| Wed, Aug. 5, 10:14 AM | 3 Comments
Wed, Aug. 5, 7:48 AM
Wed, Jul. 22, 8:08 AM
- Perrigo (NYSE:PRGO) acquires Naturwohl Pharma GmbH, a leading dietary supplement maker in Germany. Its top seller is Yokebe, the second largest dietary brand in Germany, projected to generate €30M in sales this year.
- The deal, expected to close this quarter, will be accretive to Perrigo's non-GAAP EPS this year and should exceed its ROIC threshold in 2016.
- Financial terms of the transaction are not disclosed.
Tue, Jun. 30, 10:08 AM| Tue, Jun. 30, 10:08 AM | 3 Comments
Wed, Jun. 24, 12:40 PM
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