Market Overview

Benzinga's M&A Chatter for Friday June 7, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday June 7, 2013:

Royalty Pharma Raises Bid for Elan to $13.00/Share in Cash Plus CVR

The Offer:
Royalty Pharma announced Friday it intends to raise its offer to acquire Elan Corporation (NYSE: ELN) to $13.00 per share in cash plus a contingent value right of up to $2.50 per share. The CVR allows participation in the future upside of Tysabri, including approval in secondary progressive multiple sclerosis and the achievement of certain sales milestones.

Elan's Board acknowledged receipt of the offer and urged shareholders to take no action at this time.

Elan Corporation closed at $13.44 Friday, a gain of 6% on 4 times average volume.

Liberty Global Completes $24B Acquisition of Virgin Media

The Deal:
Liberty Global (NASDAQ: LBTYA) announced Friday that it has completed its acquisition of Virgin Media (NASDAQ: VMED) in a $24 billion stock and cash deal.

Virgin Media ceased trading at the market close on June 7, 2013.

Virgin Media closed at $51.00 Friday, a gain of $1.36 on twice average volume.

Posted-In: News Rumors M&A Global After-Hours Center Movers

 

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