Irish takeover panel rejects Perrigo's request over Mylan offer

(Reuters) - The Irish Takeover Panel said on Tuesday that it had rejected generic drugmaker Perrigo Company Plc's (PRGO.N) request to declare Mylan NV's (MYL.O) unsolicited tender offer lapsed.

The offer from Mylan remains "lawful and valid and fully capable of acceptance" by all Perrigo shareholders including Israeli ones, the takeover panel said.

Netherlands-based Mylan has offered $75 (49 pounds) in cash and 2.3 Mylan shares for each Perrigo share, a combination now worth $173.67 based on Mylan's closing price of $42.90 on Monday.

Perrigo and Mylan did not immediately respond to emails seeking comments.

Perrigo had rejected Mylan's offer in April following which Mylan took the offer directly to Perrigo shareholders.

Perrigo's board recommended shareholders not to tender their shares to Mylan, but is restricted by Irish law from blocking the offer.

Dublin-based Perrigo has since made a string of submissions to the panel asking for the offer to be declared lapsed, as it tries to rebuff Mylan's advances.

(Reporting by Esha Vaish and Ankur Banerjee in Bengaluru; Editing by Gopakumar Warrier)