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...
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