Royalty In 'Wait-And-See' Mode With $6.3B Elan Tender Offer

Law360, New York (June 6, 2013, 4:27 PM EDT) -- Royalty Pharma Inc. on Thursday extended a hostile tender offer valuing pharmaceutical company Elan Corp. PLC at $6.3 billion, taking a wait-and-see approach to Elan's upcoming shareholder meeting and an injunction hearing next week.

Royalty's $12.50-per-share tender offer had been set to expire on Thursday. But one of its closing conditions is that Elan shareholders reject an alternative, "go-it-alone" strategy at a June 17 vote, and extending the offer through June 21 keeps Royalty's options open.

It also pushes any decision until after a June 11...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.