Elan's Board Rejects Royalty Pharma's Unsolicited Tender Offer
Elan Corporation, plc (NYSE: ELN) (Elan) today announced that its Board
of Directors, after careful review and consideration and with the
assistance of its executive management team as well as outside financial
and legal advisors, has determined that privately held investment firm
Royalty Pharma's offer, through its shell subsidiary Echo Pharma
Acquisition Limited, to acquire all of the shares of Elan for $11.25 or
less per share, substantially undervalues the company.
Commenting specifically, Mr. Robert A. Ingram, Chairman of Elan
Corporation, plc, added, “The offer from Royalty Pharma grossly
undervalues Elan's current business platform and our future prospects.
As a result the Board unanimously and without reservation rejected the