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BreakingViews: Aggressive M&A defense haunts Perrigo

Robert Cyran
Tablets of over-the-counter allergy medicines, manufactured by Perrigo Co.
Andrew Harrer | Bloomberg | Getty Images

A hostile hangover makes fertile turf for an activist investor. Perrigo fought off Mylan's $26 billion offer last year, in part by making excessive promises about how well the company could perform on its own. Since then, the drug company has lost almost half its value. Such sluggish performance has prompted activist investor Starboard Value to dive in with a 4.6 percent stake and a bunch of demands.