Royalty Goes On Offense In Ireland Over $8B Elan Bid

Law360, New York (June 11, 2013, 6:15 PM EDT) -- Royalty Pharma Inc. on Tuesday sued in Ireland to ensure that its $8 billion hostile bid for Elan Corp. PLC isn’t killed if Elan’s shareholders vote next week to approve a $200 million share buyback and a drug spinoff.

Royalty is asking the Irish High Court to void a regulator’s decision that last week prevented Royalty from changing the terms of its hostile tender offer for Elan. Royalty had sought to relax certain conditions — essentially, improve its chances — but a government panel said it...
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