NEW YORK (TheStreet) -- Mylan (MYL) - Get Mylan N.V. (MYL) Report shares are up 2.46% to $51.64 in early-market trading on Monday, continuing to rise after announcing that its shareholders approved its $31.2 billion acquisition bid for Perrigo (PRGO) - Get Perrigo Co. Plc Report.
The Dublin, Ireland-based drug manufacturer said that it plans to put forth a formal offer directly to Perrigo shareholders in the coming weeks.
Mylan said that it is looking for holders of more than 50% of Perrigo shares to take part in the tender offer.
Perrigo's board has been hesitant to merge with its rival, prompting Mylan to take its bid directly to shareholders.
Perrigo said that it is confident that fewer than the 50% will be tendered to Mylan, according to Reuters.
Separately, TheStreet Ratings team rates MYLAN NV as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MYLAN NV (MYL) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels, compelling growth in net income, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."