Mylan initiates $27.14B bid for Perrigo in an attempt to consolidate generic drug position

Shares of Mylan are up 2 percent before the opening bell after the pharmaceutical company went ahead with its hostile, $27.14 billion bid for Perrigo.

With the cash and stock offer made directly to Perrigo's shareholders, a bid first announced last week, Mylan is maneuvering to consolidate its position in in the prescription and over-the-counter drug market. Perrigo's board had rejected several offers from Mylan.

Mylan is offering Perrigo shareholders $75 in cash and 2.3 shares of Mylan stock for every Perrigo share they hold. That's a premium of about 4 percent, based on the Perrigo's value just before the offer was announced.

Shares of Mylan N.V. rose $1.40 to $51.01 in premarket trading.