The moves come as takeover artist Carl Icahn, Mylan's biggest shareholder, has been trying to replace the company's board and boost his own stake in the company, the Pittsburgh Post-Gazette reported.
"We are pleased that Mylan has finally announced actions attempting to enhance shareholder value," Icahn said Wednesday.
"However, it is a sad commentary that Mylan needed the strong prodding of its largest shareholder to take the actions that were announced this morning. Additionally, it should be noted that Mylan's partial tender offer is for the most part at a price below our acquisition proposal."
Icahn has been offering $20 per share for Mylan, while the company is paying about $20.50 for its own shares, the newspaper said.