Perrigo (PRGO) Shares Spike On Mylan (MYL) Buyout Offer

Perrigo Company plc (PRGO) is a big mover this session, as its shares are up nearly 26%. The surge came after news of it being acquired by generic drugmaker Mylan NV (MYL) in a deal valued at $29 billion.

Under the terms of the non-binding proposal, which was delivered to Perrigo’s Chairman on April 6, 2015, Perrigo shareholders would receive $205 in a combination of cash and Mylan stock for each Perrigo share, which represents a premium of 24.5% to PRGO’s Tuesday close.

Mylan’s Executive Chairman Robert J. Coury commented, “This proposal is the culmination of a number of prior discussions between Mylan and Perrigo about the compelling strategic and financial logic of this combination. This combination would result in meaningful immediate and long-term value creation, and our proposal is designed to deliver that value to shareholders and other stakeholders of both companies…”

PRGO shares recently gained $42.21 to $206.92. In the past 52 weeks, shares of Dublin, Ireland-based firm have traded between a low of $125.37 and a high of $215.73. Shares are up 9.38% year-over-year ; down 1.38% year-to-date.

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