Jefferies Says Analysis on Elan Supports $19/Share Takeover Bid, Lifts Price Target to $19
In a report from Jefferies' Corey Davis published Tuesday, the analyst suggested Elan (NYSE: ELN) execs have indicated they may agree or strongly consider a takeover anywhere between $15 to $20 per share.
Davis's analysis supports a $19/share bid, but only from a "high taxpaying suitor."
Davis named some potential strategic buyers: Allergan (NYSE: AGN), Regeneron (NASDAQ: REGN), Vertex (NASDAQ: VRTX), Alexion (NASDAQ: ALXN), Zoetis (NYSE: ZTS), Mylan (NASDAQ: MYL), and Perrigo (NYSE: PRGO)n
Jefferies maintains a Buy rating; the price target was raised from $14 to $19.
The stock is up 2 percent to $13.76 in early-morning trade.
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