Elan Wins Injunctions, But Hostile Bidder Gets ISS Support

Law360, New York (June 4, 2013, 7:33 PM EDT) -- Monday was a big day in the battle for Elan Corp. PLC. The drug company won injunctions in New York and Ireland temporarily halting Royalty Pharma Inc.’s takeover efforts, while proxy adviser ISS Inc. threw its support behind the hostile bidder.

Each side declared a victory, raising the stakes of a June 17 shareholder vote that will determine the fate of Royalty's $6.3 billion tender offer for the pharmaceutical company.

Royalty, a group of New York hedge funds, launched a hostile tender offer for Elan in...
To view the full article, register now.