How do you fight a hostile takeover when all the customary defense tools are off the table? That’s the question Igor Kirman faced in his seven-month defense of Perrigo Co. plc against a $25 billion unfriendly bid from Mylan N.V.
Perrigo’s board thought that the offer undervalued the company, but it had few options. Perrigo had reincorporated in Ireland in 2013 as part of an inversion, and under Irish law, the so-called frustrating actions that U.S. companies use to ward off hostile takeovers are forbidden.
