November 16, 2015 / 4:58 PM / 2 years ago

Mylan to buy back $1 bln in stock

Nov 16 (Reuters) - Generic Drugmaker Mylan NV plans to buy back shares worth up to $1 billion, after Perrigo Co Plc‘S shareholders spurned its $26 billion hostile bid.

The buyback program expires on Aug. 27, 2016, Mylan said in a statement on Monday.

Perrigo shareholders rejected Mylan’s bid on Friday, ending the Netherlands-based generic drug maker’s seven-month pursuit of its smaller rival. (Reporting by Rosmi Shaji in Bengaluru; Editing by Savio D‘Souza)

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