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Perrigo Tanks As Confirmation Of Rumor Fails To Materialise

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Perrigo Company plc Ordinary Shares (NYSE: PRGO) shares are trading lower by $8.39 at $99.74 in Wednesday's session. It has nearly erased all of it gains since vague takeover rumors hit the tape on Tuesday afternoon.

When contacted by Benzinga, a Perrigo spokesperson declined comment on the chatter.

Numerous analysts showed skepticism of the rumor. ISI implied doubtfulness on the report, and Raymond James said "[W]e continue to harbor skepticism around the possibility of any face saving bid for Perrigo."

After a lower open, it could not come close to Tuesday's close ($108.13), peaking at $106.18 before resuming its move lower. At this time, it is attempting to find support in the area of Monday's close ($99.06), as the current low stands at $99.20.

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