S&P puts Perrigo on watch

Standard & Poor's said it placed all of its ratings on Perrigo Co. plc, including its BBB corporate credit rating, on CreditWatch with negative implications.

The CreditWatch placement follows news that Mylan NV, parent of Mylan Inc., has made an unsolicited, indicative proposal to acquire Perrigo in a cash and stock transaction.

Perrigo has indicated that its board of directors will meet to discuss the proposal, the agency said.

Financing for the potential transaction, which is estimated to value Perrigo at $35 billion, has not been disclosed, S&P said.

If the proposed acquisition closes, the agency said it could lower the ratings on Perrigo to the same level as Mylan.

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