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Dublin unit of US hedge fund Davidson Kempner sues Perrigo over Mylan bid

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Defendant: Former CEO Joe Papa

Defendant: Former CEO Joe Papa

Bloomberg

Defendant: Former CEO Joe Papa

DUBLIN-based Burlington Loan Management - a unit of US hedge fund Davidson Kempner - is suing Ireland-headquartered drug firm Perrigo and its former chief executive, claiming they made material misrepresentations and omissions as Perrigo battled a hostile $27bn (€25bn) takeover approach from Mylan in 2015.

Burlington owned 231,737 shares in Perrigo at the time the takeover approach was made, which were valued at $57m (€52m) based on the final cash and share offer made by Mylan.

The Davidson Kempner unit has previously been involved in the acquisition of assets including bonds in Irish banks and debt linked to Belfast's Titanic Quarter.