How Elan's $1B Buyback Shakes Up Looming Hostile Bid

Law360, New York (April 18, 2013, 5:32 PM EDT) -- Elan Corp. closed a $1 billion stock buyback Thursday without a single mention of a looming $7.3 billion hostile takeover offer from Royalty Pharma. But the move promises to shake up the negotiations, reshaping Elan's investor base and offering both sides valuable clues on pricing.

Royalty Pharma first offered $6.6 billion for Elan in February, chasing the cash payments Elan is due from the sale of its multiple sclerosis drug, Tysabri. Elan rebuffed the offer, Royalty Pharma sweetened the pot this week to $7.3 billion and...
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