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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