Based on the information in the question, which Perrigo stock price ($202.20 or $232.23) should be used to value Mylans bid for Perrigo? Why?

In April 2015, Teva Pharmaceuticals launched a $40 billion hostile bid for Mylan Pharma- ceuticals, which was itself trying to acquire the Perrigo Company (another pharmaceutical company) in a $36 billion hostile deal. As reported in an FT article from April 2015: "The value of Mylan's bid for Perrigo is hotly disputed, because the value of Mylan's shares is being inflated by takeover interest from Teva. Mylan's stock price would likely fall if Teva's approach were to fail, leading to a corresponding decline in the value of its offer for Perrigo. Mylan said the value of its new offer was $232.23 per Perrigo share, based on its closing stock price on April 8, the day after the market reacted to its initial proposal. However, that valuation is contested by Perrigo's board, which considers Mylan's offer to be $202.20, based on Mylan's stock price on March 10, just before it was rumoured that Teva would make a bidd for Mvlan." Teva also stated that its bid for Mylan is conditional on Mylan dropping its bid for Perrigo In other words, the probability that both deals are completed is 0%