Perrigo Shares Climb on Starboard Value Investment
The activist fund says Perrigo's promises over the past year have been "woefully unfulfilled."
It looks like activist fund Starboard Value is not impressed with the progress of Perrigo (PRGO) - Get Report ever since the Dublin-based drugmaker spurned an April 2015 takeover offer from industry peer Mylan (MYL) - Get Report . The activist fund -- which disclosed a roughly 4.6% in Perrigo Sunday -- told Perrigo's CEO John Hendrickson in a letter that since that spring Perrigo's "promises have been woefully unfulfilled." Starboard also noted that the Mylan offer would have created a current value of about $167 a share, that's roughly 88 percent higher from Perrigo's closing stock price Friday.
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