CANONSBURG (dpa-AFX) - Perrigo Company plc (PRGO) said the company is confident that the majority of its shareholders will not tender their shares to Mylan's unsolicited offer. Perrigo said the company remains focused on its 'Base Plus Plus Plus' growth strategy - realizing an organic net sales CAGR goal of 5-10% over the next three years, compelling upside from $29 billion in prescription to OTC switches, attractive M&A opportunities that it believes will have a multiplier effect on earnings and cash flow generation, and sizable potential new indications for Tysabri.
Joseph Papa, CEO, said: 'Mylan's offer would subject Perrigo shareholders to Mylan's highly troubling governance approach and serious risks related to Mylan's lowered 50%+ acceptance condition. Investors, rating agencies, and leading proxy advisory services have noted that the lowered threshold would make any synergy targets more difficult to achieve, raise integration and execution risk and add additional downward pressure on Mylan's credit rating.'
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