Perrigo shareholders have rejected Mylan’s $26 billion takeover bid.

Perrigo Chairman and CEO Joseph C. Papa said, “Now that the Mylan tender offer is behind us, we look forward to continuing to create significant value for our shareholders. Our confidence in Perrigo’s compelling near- and longer-term growth prospects and our steadfast commitment to delivering returns to shareholders remain unchanged. We are grateful to all of Perrigo’s employees around the world, whose relentless efforts are reflected in today’s outcome. Even with all the distraction over the past seven months, our unrivaled team has executed our strategy and continued our commitment to delivering quality affordable healthcare products to customers and patients across the globe.”

Perrigo immediately will commence its previously announced $2 billion repurchase of Perrigo shares and plans to complete $500 million of the planned repurchase by the end of 2015.