Royalty Gets 68K Shares Of Support For $6.3B Elan Takeover

Law360, New York (May 24, 2013, 4:34 PM EDT) -- Royalty Pharma AG said Friday that stakeholders in U.K. drugmaker Elan Corp., who hold roughly 68,000 combined shares, had agreed to vote in favor of the New York investor's $6.3 billion hostile takeover offer, a fraction of the support Royalty will need to complete the deal.

The firm said in a stock exchange filing that a total of 67,814 shares, equivalent to roughly 0.01 percent of Elan's total issued share capital, had been tendered in favor of the deal. 

The announcement came a day after Royalty...
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