Perrigo has rejected a revised, increased offer from global pharmaceutical company Mylan to acquire Perrigo, a global over-the-counter consumer goods and pharmaceutical company. Under the newest offer, Perrigo shareholders would receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share.

Based on Mylan's closing stock price of $68.36 on April 8, the first day of market reaction to the initial proposal, the value of the increased offer is $232.23 per Perrigo share, which represents a multiple of approximately 25x calendar year 2014 EBITDA (pro forma for Perrigo's recent acquisition of Omega Pharma).

Heather Bresch, Mylan's CEO, said, "The industrial logic behind the combination of Mylan and Perrigo will generate significant value for customers, patients, employees, shareholders and other stakeholders by creating a one-of-a-kind global healthcare company that will be uniquely positioned within our evolving industry given its complementary businesses and cultures, unmatched scale in its operations and infrastructure, broad and diverse portfolio and immense reach across distribution channels around the world."

Based on the increased offer, Mylan shareholders would own approximately 60.7% of the outstanding Mylan ordinary shares on a fully diluted basis and former Perrigo shareholders would own approximately 39.3%.

Perrigo’s board had previously concluded that Mylan's unsolicited proposal of April 8 of $205 per share significantly undervalued the company and its future growth prospects and was not in the best interests of Perrigo's shareholders. The company said Mylan continues to propose a price lower than the previously rejected proposal. Based on Mylan's unaffected price of $55.31 per share on March 10, the last day of trading prior to widespread public speculation that Teva was considering an offer for Mylan, the value of the revised offer is $202.20 per Perrigo share.

Perrigo has strongly advised its shareholders to take no action in relation to the offer.