Mylan N.V. is reportedly scheduled to make an offer with Perrigo Company PLC in the coming weeks, after its shareholders approved the $35.6 billion worth of acquisition proposal, on Friday.
Two-thirds of the stockholders, which represents more than half of the outstanding shares, casted their votes to approve the proposed deal, according to Irish Times.
"We look forward to launching our formal offer directly to Perrigo shareholders in the coming weeks, and we are very confident that they too will support this unique and compelling transaction," Mylan Executive Chairman Robert Coury said, Market Watch reported.
The earlier offer was worth $28 billion or $193 per share, which was based off of Mylan's then latest price share of $51.49. On Thursday, Perrigo's shares closed at $188.19, as per the report of The Globe and Mail.
Perrigo declined the offer because majority of their shareholders believe that Mylan's offer underrates Perrigo. "It would dilute our growth profile and superior valuation," the Dublin-Based Pharmaceutical Company said.
Proxy advisory firm ISS reportedly advised Mylan investors to vote opposing the deal, while its competitors recommended the deal. Abbot Laboratories Inc. and Paulson & Co., two of Mylan's large shareholders — representing 20 percent of the shares — supported Mylan, who had been pursuing Perrigo for months.
Perrigo was founded in 1887 by Luther and Charles Perrigo. It was then called L. Perrigo Company.
There are three operational segments in the company, which are the Active Pharmaceutical Ingredients, Consumer Healthcare and Rx Pharmaceuticals.
The Rx Pharmaceuticals produces the generic prescription drugs in the United States, while the Active Pharmaceutical Ingredients manufactures pharmaceutical ingredients in Israel, with sales to worldwide customers.
The Consumer Healthcare segment produces over-the-counter pharmaceutical and nutritional products in the United States, the United Kingdom and Mexico.
Meanwhile, Mylan, a generic and specialty pharmaceutical company, was founded by Milan Puskar and Don Panoz in 1961. Its name was then Milan Pharmaceutical.
The company is known for its first own invented product, Maxzide, a drug that was approved to treat hypertension back in 1984. It was also the first brand-new drug from a generic drug manufacturer to receive a patent.
