Mylan launches tender offer for Perrigo

Mylan Chief Executive Robert Coury said he was confident a majority of Perrigo shareholders would support the offer of $75 in cash and 2.3 Mylan shares for each share held.

Perrigo urged shareholders to take no action, pending a board review.

The board will assess Netherlands-based Mylan's offer and advise shareholders within 10 days, Perrigo said in a statement.

Perrigo is domiciled in Ireland. Under Irish law, an owner needs 80 percent of votes to squeeze out minority investors.

Perrigo shareholders would own about 40 percent of the combined company upon completion of the transaction.

Perrigo and Mylan's shares were little changed in early trading.

(Reporting by Amrutha Penumudi in Bengaluru; Editing by Anil D'Silva)