Mylan's $35 bn bid for Perrigo fails

Drugmaker Mylan lost its bid Friday to take over Ireland-based Perrigo after it failed to get enough support from shareholders in its hostile $35 billion bid.

Mylan had spent seven months in pursuit of Perrigo, which makes medications like makes over-the-counter medications such as Claritin and Sudafed.

The proposed deal would have been a follow-up to Mylan's $5.3 billion takeover of Abbott Labs's non-US generic drug business, which the company used to move its headquarters to low-tax Amsterdam.

Mylan, long known as a leader in generics, said that Perrigo shareholders tendered only 40 percent of the total shares for its offer, well below the 50 percent threshold needed to seal the deal.

After the deadline, the offer lapsed, ending the bid.

Mylan executive chairman Robert Coury said in a statement that Perrigo was a "unique and exciting opportunity" for Mylan, "but not one that was required for the future success of our company."

Perrigo's board repeatedly said Mylan's offers were too low.

"We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects," Perrigo chairman and chief executive Joseph Papa said Friday.

"I am delighted that Perrigo shareholders voiced their clear support for this management team and our long-term strategy."