Replies to post #197171 on Biotech Values

[DewDiligence]

MYL drops hostile bid for PRGO:

http://finance.yahoo.com/news/mylan-announces-results-offer-acquire-133900190.html

Only 40% of PRGO shareholders tendered their shares.

[DewDiligence]

MYL—After all the machinations blocking TEVA and failing to nab PRGO, we get this:

http://finance.yahoo.com/news/mylan-authorizes-1-billion-share-164000748.html

Mylan Authorizes $1 Billion Share Repurchase Plan

LOL

[DewDiligence]

PRGO -18% on 2016 guidance cut—shareholders lament rejection of MYL buyout:

http://www.wsj.com/articles/perrigo-shares-tumble-as-ceo-leaves-for-valeant-guidance-cut-again-1461594165

Perrigo Co. shares tumbled Monday as the company slashed its guidance for the year while announcing the departure of its Chief Executive Joseph Papa, who is moving to lead Valeant Pharmaceuticals International Inc.

The move by Mr. Papa comes just months after he successfully beat back a $26 billion hostile takeover bid from Mylan NV by convincing shareholders that Perrigo’s growth prospects were brighter as a stand-alone company.

Since then, the maker of store-brand cold and allergy medicines has posted disappointing quarterly results and chipped away at its outlook, failing to live up to the overtures it made to shareholders about its outlook and valuation while it fought against the deal [quite an understatement].

…Perrigo’s stock has fallen by nearly one-third since shareholders rejected Mylan’s offer in November, and shares have lost about half of their value over the past year.

[DewDiligence]

PRGO shareholders who rejected MYL's 2015 buyout offer (by not tendering their shares) and still own the stock must be asking themselves what they were thinking. PRGO's share price is down about 65%(!) from the price offered by MYL.