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So much for the "guaranteed" sale price of $17+ this summer. The market is reacting very negatively. I'm going to have to re-visit my evaluation, given this new development and LCI's 4-million share dilution earlier this year. My gut feeling is that LCI is still a "HOLD" fundamentally, but I admit I've largely ignored it since the Perrigo buyout was announced.

NEW YORK, June 10 (Reuters) - The Perrigo Company (NasdaqNM:PRGO - News), the nation's largest maker of non-prescription drugs, said on Thursday it does not plan to exercise its option to acquire a controlling interest in Lannett Company Inc. (AMEX:LCI - News), a maker of generic drugs.

Perrigo said it remains "totally committed" to its strategy of entering the generic drug market and will continue to seek acquisition candidates, but said that unless circumstances change in a way that would increase the value of the Lannett acquisition to Perrigo, it would "not be in the best long-term interest of our shareholders."

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