Activist Starboard demands rapid changes at Perrigo

Starboard Value LP on Monday disclosed a 4.6 percent stake in Perrigo Co Plc , and said the Dublin-based drugmaker needs to make immediate improvements to turn around its sagging stock price. Starboard delivered a scathing letter to Perrigo's chief executive John Hendrickson and its board on Monday, criticizing their performance since the company spurned a $26 billion takeover bid from generic drug maker Mylan NV late last year. "Unfortunately, since that time, results have gone decidedly in the wrong direction, and management's promises have been woefully unfulfilled," Starboard said.