Elan Buys Back Shares From J&J As $7B Bid Hangs Overhead

Law360, New York (April 18, 2013, 4:38 PM EDT) -- Elan Corp. PLC said Thursday that it had bought back 82 million of its own shares from Johnson & Johnson, beefing up its defenses against a sweetened $7.3 billion hostile takeover bid by Royalty Pharma and trimming its largest stockholder's stake.

The selldown — which represents three-quarters of J&J's 17.9 percent stake in Elan — was part of a $1 billion Dutch auction tender offer that closed Thursday. The biotechnology company repurchased nearly 15 percent of its outstanding shares in the oversubscribed auction, toward the bottom...
To view the full article, register now.