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

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Perrigo Company (NYSE: PRGO) gained seven 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 drugmaker 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 eight 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 $155.71, up 6.8 percent.

Posted-In: News Rumors Movers

 

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