Elan Rejects Royalty's New Takeover Bid After Stock Buyback

Law360, New York (April 22, 2013, 1:40 PM EDT) -- Irish drugmaker Elan Corp. PLC rejected a revised, $11.25-per-share takeover offer from New York investment firm Royalty Pharma on Monday, saying that the bid substantially undervalues the company.

Elan, which now has rejected three Royal Pharma offers, urged shareholders not to throw their support behind the latest bid.

"The offer from Royalty Pharma grossly undervalues Elan’s current business platform and our future prospects," Elan Chairman Robert Ingram said in a statement. "As a result the board unanimously and without reservation rejected the offer."

Royalty Pharma last...
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