Saturday April 4, 2020

Royalty bid for Elan in trouble over pricing

Royalty Pharma's bid for Elan has received a setback, with the outcome of a Dutch auction to decide the strike price for Elan to buy back $1 billion-worth of its own shares.

20th April, 2013
Kelly Martin, chief executive of Elan. Photo: Tony O'Shea

Royalty Pharma's hostile takeover bid for Elan has received a setback, with the outcome of a Dutch auction to decide the strike price for Elan to buy back $1 billion-worth of its own shares.

One analyst report said that, because 73 per cent of Elan shareholders did not tender their shares for sale within the guide price range of $11.25 to $13, nearly three-quarters of Elan shareholders believed the shares were worth more than $13. Royalty...

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