Mylan has unveiled plans to launch a formal bid for Perrigo next Monday, offering a deal valued at around $27 billion.

A series of knock-backs from Perrigo’s board has spurred the Dutch generics giant into switching its approach up a gear, with plans to take its offer straight to shareholders on September 14 in the hope of finally sealing the deal.

Under the proposal, the essence of which remains unchanged from its bid in April, Perrigo stockholders will receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share, equating to about $187 a share overall.

“As we have repeatedly stated, we believe this is a highly attractive offer for Perrigo shareholders in terms of the price, multiple being paid, accretion and continued long-term potential for value creation,” said Mylan executive chairman Robert Coury.

But Perrigo’s Board had already rejected the bid on the basis that is undervalues its business. The Dublin, Ireland-based group argued back in April that the offer remains under Mylan’s original bid value of $205 per share, because the latter’s stock was inflated by speculation over Teva’s interest in acquiring the firm at the time.