UPDATE: Jefferies Downgrades Elan Corp on PRGO Takeout

In a report published on Monday, Jefferies analyst Oren G. Livnat downgraded

from Buy to Hold and lowered the price target on the company from $19 to $15. In the report, Jefferies stated, "LN agreed to be acquired by Perrigo for ~$8.6B or $16.50/shr (based on prior PRGO stock price), a >40% premium to where ELN was following Bapi Ph.3 failure, and >25% above the last Royalty Pharma hostile bid. Given the open/ formal sales process, we do not see higher bids now and expect ELN shareholder approval and close by end'13." Elan Corp closed on Friday at $14.93.