Elan Rejects Latest Royalty Pharma Offer

The Elan (UNKNOWN: ELN.DL2  ) board of directors has "unanimously and without reservation" rejected Royalty's latest bid to acquire all its outstanding shares, Elan announced today.

The new acquisition offer from Royalty Pharma, announced Friday, included an upwardly revised bid of $13.00 a share (increased from a previous $12.50-per-share bid), plus contingent value rights (CVRs) worth as much as $2.50 a share, according to Elan.

But the Elan board says "the value gap between the underlying value of Elan plc and the totality of its business platform and the Royalty Pharma/Echo bid remains significant and the $13.00 cash and $2.50 CVR structure continues to be wholly inadequate for Elan shareholders."

In addition to the most recent offer from Royalty Pharma, Elan announced its board and financial advisors will review several "unsolicited corporate enquiries," in its effort to explore "all opportunities that maximize the full value of the company for its shareholders."


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2480290, ~/Articles/ArticleHandler.aspx, 9/28/2016 7:58:46 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,339.24 110.94 0.61%
S&P 500 2,171.37 11.44 0.53%
NASD 5,318.55 12.84 0.24%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

12/31/1969 7:00 PM
ELN.DL2 $0.00 Down +0.00 +0.00%
Elan CAPS Rating: ***