Elan Investors OK $1B Buyback As Royalty Pharma Looms

Law360, New York (April 12, 2013, 1:31 PM EDT) -- Shareholders in Elan Corp. PLC on Friday overwhelmingly approved a $1 billion stock buyback plan as speculation swirled that investment firm Royalty Pharma LLC would beef up a takeover offer, which currently stands at $6.6 billion, for the Irish drugmaker.

The buyback effort won approval from 99 percent of the investors who voted at an extraordinary general meeting, convened to consider the plan. Shares were priced between $11 and $13 apiece, sticking by Thursday's $12 closing price.

Elan's stock repurchase is tied to a $3.25 billion-plus...
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