It looks like activist fund Starboard Value is not impressed with the progress of Perrigo (PRGO) ever since the Dublin-based drugmaker spurned an April 2015 takeover offer from industry peer Mylan (MYL) . The activist fund -- which disclosed a roughly 4.6% in Perrigo Sunday -- told Perrigo's CEO John Hendrickson in a letter that since that spring Perrigo's "promises have been woefully unfulfilled." Starboard also noted that the Mylan offer would have created a current value of about $167 a share, that's roughly 88 percent higher from Perrigo's closing stock price Friday.
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