Bresch managed to sell that vision to a majority of her shareholders, who approved pursuing Perrigo on Aug. 28, with 66% of the vote (against the recommendation of influential proxy advisory ISS). It will be harder to persuade Perrigo's shareholders to take the deal, especially since the sinking price of Mylan's shares has sharply lowered the value of the bid. "This offer isn't even in the right zip code," Perrigo CEO Joseph Papa tells Fortune in an email.