Perrigo board unanimously rejects Mylan proposal

Perrigo facility in Allegan, Michigan
Adam Bird | Bloomberg | Getty Images

Perrigo announced Tuesday that its board of directors unanimously rejected the unsolicited takeover bid from Mylan, saying the offer substantially undervalues the company.

Earlier this month, Mylan offered to buy Perrigo for $205 per share in cash and stock.

Earlier Tuesday, Reuters reported that Perrigo was set to reject the $29 billion offer from Mylan, as it tackles an unsolicited offer from Israeli drugmaker Teva Pharmaceutical.

Perrigo, which has a large and attractive portfolio of over-the-counter consumer products, infant formulas and a line of generic topical pharmaceutical medicines, has long been seen as a takeover target.

--Reuters contributed to this report.