Mylan launches revised bid to acquire Perrigo

Mylan has announced the commencement of its latest formal offer to acquire consumer health company Perrigo.

The firm originally moved to purchase Perrigo in April 2015, but has had its advances rebuffed so far. As such, it has chosen to take this latest bid directly to Perrigo's shareholders in the hope of closing the deal.

Under the terms of the offer, Perrigo shareholders will receive $75 (48.40 pounds) in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share, meaning they will own approximately 40 percent of the combined company upon completion of the transaction.

Mylan's shareholders have overwhelmingly approved the decision to purchase Perrigo, based on the strong growth it expects to be able to achieve in the over-the-counter category following its completion.

Heather Bresch, Mylan's chief executive officer, said: "Together, Mylan and Perrigo will create a unique and powerful force in our industry, with the scale, breadth and reach to create significant and sustained value for shareholders and all other stakeholders."