Generic drugmaker Mylan, which is trying to take over Perrigo Pharmaceuticals, said on Tuesday it will go directly to Perrigo investors starting on Sept. 14 with its $27 billion cash and stock offer for their shares.
Mylan will pay $75 in cash and 2.3 Mylan shares for each Perrigo share, or about $185 per share based on Friday's closing price.
Mylan announced it wanted to buy Perrigo in April, but the company has rebuffed its offer, saying that it is too low and that Perrigo will do better off alone. Mylan has pushed forward and could now take control of the company through the tender offer.
Perrigo is based in Ireland, where takeover rules allow the maneuver.
Investors have been uncertain over the deal closing but the possibility increased late last month when Mylan shareholders voted to pursue the takeover. The company must get just over 50 percent through the tender offer to take control of Perrigo's board.