Market Overview

Perrigo, Elan Receive Irish High Court Approval for Perrigo's Proposed Acquisition of Elan

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Perrigo Company (NYSE: PRGO) and Elan Corporation (NYSE: ELN) today announced that the Irish High Court has approved Perrigo's pending acquisition of Elan.

As previously announced, on July 28, 2013, Perrigo and Elan entered into a transaction agreement pursuant to which Perrigo agreed to acquire Elan through the formation of a new Irish holding company that has since been renamed Perrigo Company plc ("New Perrigo"). The acquisition of Elan will be effected by a "scheme of arrangement" under Irish law and, in connection with the acquisition; a subsidiary of New Perrigo will merge with and into Perrigo. Following the consummation of these transactions, both Perrigo and Elan will be wholly owned subsidiaries of New Perrigo.

The parties have now obtained all regulatory approvals required to complete the transaction. The closing remains subject to the satisfaction of other customary closing conditions and is expected to occur on December 18, 2013. Based thereon, trading of Perrigo shares will continue on the New York Stock Exchange until the end of the day on December 18, 2013, and on the Tel Aviv Stock Exchange until 4:30 p.m. local time (9:30 a.m. Eastern Standard

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