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Perrigo rejects Mylan's tender offer

Perrigo rejects Mylan's bid

rejected Mylan's unsolicited $27 billion tender offer, saying it substantially undervalued the company and did not adequately compensate shareholders.

Dublin-based Perrigo said shareholders should "just say no" by taking no action.

Netherlands-based Mylan launched its tender offer on Monday.

Morgan Stanley is Perrigo's financial adviser.