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British company ends attempt to takeover Perrigo

Posted at 8:58 AM, Nov 13, 2015
and last updated 2015-11-13 12:53:09-05

ALLEGAN, Mich. - The British company that was trying to take over Perrigo in Allegan has failed.

Mylan NV, which is in Hertfordshire, England, posted on their website Friday morning that their offer to acquire 40% of Perrigo was not accepted and the offer has officially lapsed.

The offer was made on September 14th.  Perrigo makes storebrand and generic pharmaceuticals and is located in Allegan, but was reincorporated in Dublin, Ireland in 2013.  The move by Mylan NV was considered to be a hostile takeover.

Mylan NV is also a global pharmaceutical company.

U.S. Representative Fred Upton (R), whose district covers the Allegan area released this statement:

“Kudos to the round-the-clock, round-the-world efforts by the Perrigo team,” Upton said. "This a relief and much-deserved win for the hard working men and women of the Allegan community. Thankfully shareholders sided with the local community. The stockholders were convinced that the solid management and growth were far better than being bought off in a hostile takeover resulting in more job losses in the United States and Michigan.”

Perrigo CEO Joe Papa addressed the media Friday afternoon. We'll have more from Perrigo on later editions of FOX 17 News.