The Elan (UNKNOWN:ELN.DL) 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."

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