Royalty Pharma Revises Conditions Of $6B Elan Takeover

Law360, New York (May 23, 2013, 1:27 PM EDT) -- Royalty Pharma AG said Thursday that it would lower the threshold for shareholder acceptance of its $6.3 billion hostile takeover bid for U.K. drugmaker Elan Corp. from 90 to 50 percent plus one share, while Elan rejected the New York investor's latest offer.

Royalty's sweetened offer and its lowered shareholder threshold are contingent on Elan stakeholders voting down a trio of acquisitions announced in the past week by the drugmaker in its latest attempt to outmaneuver Royalty. Those deals include a $1 billion acquisition last week...
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