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

Mylan to buy back $1 billion in stock

(Reuters) - Generic Drugmaker Mylan NV MYL.N plans to buy back shares worth up to $1 billion, after Perrigo Co Plc‘S (PRGO.N) 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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