Perrigo Paid Executives Bonuses for Fending Off Mylan Offers

While many companies pay bonuses when executives make a deal to sell their business, Perrigo Co.’s executives also got paid not to.  After successfully fending off Mylan NV’s $26 billion hostile takeover attempt last year, Perrigo Chief Executive Officer Joe Papa received additional restricted stock in December worth $1.5 million at the time, and a $500,000 cash bonus, the company disclosed in a Mar. 4 preliminary proxy statement. The $2 million pay bump was awarded for Papa’s “key contributions related to Mylan’s hostile takeover attempt” between April 2015 and November 2015, when Perrigo shareholders rejected the deal at the urging of the drugmaker’s management.