<span class="articleLocation”>(Reuters) – Generic drugmaker Mylan NV said on Friday it would take its $31 billion offer for Perrigo Co Plc directly to shareholders, in what is set to be one of the most high-profile hostile takeover attempts of the year.

Mylan, which itself is the target of an unsolicited $40 billion bid from larger rival Teva Pharmaceutical Industries Ltd, said it would offer $60 in cash and 2.2 of its shares for each Perrigo share.

The company’s pursuit of Perrigo, a major producer of over-the-counter drugs, is widely seen as an attempt to fend off Teva, the world’s biggest maker of generic drugs.

The three-way chase is further evidence that the appetite for healthcare acquisitions continues unabated.

M&A in the industry has hit $193.9 billion so far this year, double the amount in the same period last year.

Mylan, which is legally based in the Netherlands, said on April 8 that it would make a cash-and-share bid that valued Dublin-based Perrigo at $205 per share but did not detail the breakdown between shares and cash to be offered.

The offer announced on Friday works out to about $222 per share, based on Mylan’s Thursday close, valuing Perrigo at about $31 billion, according to Thomson Reuters data.

However, Perrigo said the offer valued it at $181.67 per share based on Mylan’s unaffected price of $55.31 per share on March 10, the last day of trading before speculation emerged that Israel-based Teva was considering an offer for Mylan.

Mylan’s shares have risen by about a third since March 10.

“Today’s announcement from Mylan proposes a price that is lower than the previously rejected proposal,” Perrigo said.

Perrigo’s shares were down 3 percent at $195 in early afternoon trading on Friday, while Mylan’s stock was up 2.8 percent at $75.75.

Mylan said its offer was fully financed 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.

Teva said in an emailed statement that it remained fully committed to its Mylan offer.

Source: Reuters Health