Royalty Will Go No Higher In Bid For Elan, Citing J&J Sell-Off

Law360, New York (May 2, 2013, 5:21 PM EDT) -- Royalty Pharma Inc. on Thursday refused to raise its $11.25-per-share hostile bid for Elan Corp. PLC, noting that Johnson & Johnson tendered nearly its entire stake in the Irish drugmaker at that price earlier this month.

Royalty said the results of Elan's Dutch auction tender offer — where shareholders name their buyout price — reinforces that its offer, which values the company at about $5.7 billion, is fair. Johnson & Johnson sold most of its 18.4 percent position at the low end of the $11-to-$13 range...
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