Perrigo Rumored To Be On Block; 'Market Source' Sees 25% Premium

Perrigo Company plc PRGO gained 7 percent in Monday morning action after an Israeli business news site said it may be acquired by a competitor. Globes said the over-the-counter drug maker hired an investment banker and "market sources" believe it may fetch a 25 percent premium over its current share price. A U.S. buyer might be attracted to Perrigo in part as a tax-inversion play. Perrigo, originally a U.S. company, is based in Ireland where corporate taxes are comparatively low. Perrigo in May posted an 8 percent decline in fiscal third-quarter earnings and its shares plunged. Shares have since climbed substantially but remain under its 52-week high of $168.39 The company traded recently at $155.50, up 6.4 percent.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsRumors
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!