BUZZ-Perrigo: Shares pull back amid skepticism of takeover

Wed Jun 15, 2016 9:43am EDT
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** Perrigo shares drop 4 pct in early trading

** After the stock spiked on Tuesday afternoon on takeover rumors, analysts expressing skepticism that acquisition of the drugmaker in the works

** "While we cannot rule out a takeout of Perrigo given the company's attractive consumer franchise and significant reset in valuation, we are skeptical of such a deal at this time," JP Morgan analyst Chris Schott says in research note

** Perrigo shareholders in Nov rejected Mylan's $26 bln hostile bid; since then PRGO shares are down about 34 pct

** Perrigo's former CEO Joseph Papa left in April to run Valeant Pharmaceuticals