Royalty Pharma given May deadline for Elan offer

Royalty Pharma must make an offer for Elan or announce it will not proceed by May 10th, the Irish Takeover Panel said.

3rd April, 2013
Elan chief executive Kelly Martin has said he doesn’t view the Royalty Pharma offer as credible.

Royalty Pharma must make an offer for Elan or announce it will not proceed by May 10th, the Irish Takeover Panel said.

The decision was made following representations by Elan and correspondence with advisers to both companies, the panel said in a statement today.

The deadline pressures New York-based Royalty to make a formal offer, following an “indicative proposal” on February 25th to buy Elan for about $6.5 billion, or $11 per American depository receipt....

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