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Mylan, which is itself a target of an unsolicited $40 billion bid from larger rival Teva Pharmaceutical Industries, said on Friday it would offer $60 in cash and 2.2 of its shares for each Perrigo share.
The offer is at about $222 per share based on Mylan stock's Thursday close, valuing Perrigo at $31.27 billion, according to Thomson Reuters data.
The offer values Perrigo at about $188 per share based on Mylan stock's April 2 close, the last trading day before the company made its offer in an April 6 letter to Perrigo Chief Executive Joseph Papa.
Perrigo unanimously rejected Mylan's earlier $205 per share offer on Tuesday, saying the bid substantially undervalued the company.
Perrigo's shares fell 2 percent to $197.58, while Mylan's stock rose 2.2 percent to $75.36 on Friday morning.
"Mylan has today begun a legally-binding process under the Irish Takeover Rules to commence its offer for Perrigo ...," Executive Chairman Robert Coury said in a statement on Friday.
Mylan said its offer is fully financed, cash confirmed and not conditional on due diligence.
The cash portion will be financed by a new bridge credit facility arranged by Goldman Sachs, the company said.
Mylan's pursuit of Perrigo, a major producer of over-the-counter medicines, is seen as an apparent attempt to stave off interest from Teva.
Teva said in an emailed statement on Friday that the company remained fully committed to its Mylan offer.
A Perrigo spokesman declined to comment.
The three-way chase is further evidence that the appetite for healthcare acquisitions continues unabated with M&A in the industry hitting $193.9 billion this year, double 2014 levels.
Teva shares were up 1.5 percent at $64.20.
CORRECTION: An earlier version misstated the value of the proposed offer.