Elan Vote Puts Royalty's $8B Hostile Bid In Doubt

Law360, New York (June 17, 2013, 11:05 AM EDT) -- The $8 billion battle for Elan Corp. PLC hinges on an Irish court hearing this week after Elan shareholders approved a share buyback Monday, which will force Royalty Pharma Inc. to drop its hostile tender offer unless a judge intervenes.

Elan’s shareholders approved a $200 million stock buyback at a special meeting Monday, the company said, though they voted down four other transactions up for approval. The final tally was not immediately available.

Royalty Pharma, which has been pursuing Elan since February, originally said it would...
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