Royalty Pharma Makes Sweetened $8B Bid For Elan

Law360, New York (June 7, 2013, 1:48 PM EDT) -- Royalty Pharma Inc. on Friday upped its offer for Elan Corp. PLC to a possible $8 billion, its latest in a string of hostile bids aimed at countering the company's pursuit of what Royalty calls “a frenetic jumble of value destructive” deals.

The maximum $15.50-per-share tender offer is a pre-emptive, parallel move ahead of Elan's June 17 shareholder meeting, where investors are posed to vote on four proposed mergers and acquisitions, dubbed Elan's "go-it-alone" strategy. Royalty, a group of hedge funds that invests in drug revenues,...
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