The Perrigo-Mylan-Teva takeover saga has taken another turn after Perrigo again spurned Mylan’s advances, rejecting a second bid from the generics giant.

Desperate to protect itself from a Teva takover, Mylan has laid a new bid on the table for Perrigo of $60 cash and 2.2 of its share’s for every remaining share in the Dublin, Ireland-based firm. This, it claims, values the deal at around $222 per Perrigo share.

However, Perrigo has taken a different stance on Mylan’s new proposal, arguing that, based in its own calculations, which uses Mylan’s lower share price before rumours of Teva’s interest started to grow, the offer actually only equates to $188 a share.

This, it notes, falls under the $205 a share proposed by Mylan early last week. As such, Perrigo’s Board “strongly advised” the firm’s shareholders “to take no action in relation to the offer”.

Mylan is yet to respond to Teva’s $40-billion takeover bid, but indications are that it seems reluctant to accept.