The parent company of Mylan Inc. has made an unsolicited, indicative proposal to acquire Ireland-based Perrigo Co. plc. Perrigo has indicated its board will consider the proposal, which we estimate implies a close to $35 billion enterprise value for the company. We are placing all of our ratings on Perrigo, including our 'BBB' corporate credit rating, on CreditWatch with negative implications, primarily because Mylan is a lower-rated company than Perrigo and credit metrics for the combined entity could weaken to levels meaningfully below our current expectations for Perrigo. On April 9, 2015, Standard&Poor's Ratings Services placed all of its ratings on Dublin-based Perrigo Co. plc, including its 'BBB' corporate credit rating, on CreditWatch with negative implications. We estimate
