Elan Provides Update on Tysabri Transaction and $1bn Share Repurchase

• US and EU Regulatory Closing Conditions Satisfied
• Dutch Auction Share Repurchase Process to Commence March 11, 2013
• The Price Range will be $11.25 to $13.00
• Shareholder Meeting to Approve Share Repurchase Set for April 12, 2013

DUBLIN–(BUSINESS WIRE)– Elan Corporation, plc (NYS: ELN) (the Company) today provides an update on the Tysabri Restructuring Transaction (“the Tysabri Transaction“) announced on February 6, 2013 and further information regarding the Company’s recently announced proposed $1billion share repurchase program.

Tysabri Transaction Update

The regulatory closing conditions in connection with the Tysabri Transaction are the review process under the Hart-Scott-Rodino Antitrust Improvements Act (“HSR“) in the United States and the review by the Spanish Competition Authority in Europe.

The waiting period for the US antitrust review under HSR expires today, Friday March 8, 2013. This follows the clearance earlier this week of the Tysabri Transaction by the Spanish Competition Authority. Consequently, in accordance with the terms of the Tysabri Transaction agreement with Biogen Idec, closing is expected to occur in the coming weeks.

$1billion Share Repurchase Program

Elan is also providing details of its proposed $1.0 billion share repurchase program (“Share Repurchase“) to be implemented following the close of the Tysabri Transaction.

The Share Repurchase is in addition to the unique Tysabri linked cash dividend announced on March 4, 2013, and will be effected through a tender offer, to be commenced on Monday next, March 11, 2013, by way of a “Dutch Auction”. The price range will be $11.25 to $13.00. In the event that the Share Repurchase is over-subscribed, the …read more
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