​Perrigo urges shareholders to reject Mylan‘s $27 billion hostile takeover offer, saying it undervalues the company.

On Tuesday, Mylan took its offer directly to Perrigo’s shareholders after it had been rejected by the company. The latest offer, initially proposed last week, would give shareholders $75 in cash and 2.3 shares of Mylan N.V. stock for every Perrigo Co. share they hold.

That’s a premium of about 4 percent, based on Perrigo’s value just before the offer was announced.

Dutch drugmaker Mylan wants to combine its prescription generic drug business with Irish drugmaker’s business in over-the-counter products like vitamins, nutritional products and infant formula, and it has said the two companies would have about $15 billion in combined annual revenue. Mylan shareholders voted in favor of the acquisition last month and European Union regulators have cleared it.

Mylan offered to buy Perrigo for $205 per share in April and later increased its offer to $232.23 per share, or $34.1 billion. Perrigo said that cash-and-stock offer wasn’t worth as much as Mylan said. At the time Mylan’s stock price was elevated as an even larger generic drug company, Teva Pharmaceutical Industries Ltd., was trying to buy Mylan. Mylan fended off Teva, which decided to buy Allergan PLC’s generic drug business for $40.5 billion instead.