Share Repurchase Archives - Bartle Doo Article Archives

Elan Discloses Filing of Share Repurchase Tender Offer Documentation

DUBLIN–(BUSINESS WIRE)– Elan Corporation, plc (NYS: ELN) (the Company) today disclosed the Tender Offer documentation for the Share Repurchase has been filed and is available on the Company’s website at www.elan.com.

Consequent on the closing of the previously-announced Tysabri Transaction, Elan will issue an irrevocable Notice of Redemption to redeem all of the outstanding 6.25% Notes due 2019 at a redemption price equal to 100% of the principal amount of the Notes plus the “Applicable Premium” (as defined in the Indenture governing the Notes). Prior to the completion of the Share Repurchase, Elan will satisfy and discharge the Indenture by irrevocably depositing with the Trustee funds in trust sufficient to pay and discharge all outstanding Notes on the redemption date.

On or about March 18, 2013, Shareholders will be mailed a notice of the shareholder meeting to be held on April 12, 2013 to consider the resolution required to implement the Tender Offer.

The Tender Offer document has also been filed with the Irish Stock Exchange and will shortly be available for inspection at:

Company Announcements Office,

Irish Stock Exchange,

28 Anglesea Street,

Dublin 2,

Ireland.

By Business Wirevia The Motley Fool

Filed under: Investing

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
Source: FULL ARTICLE at DailyFinance

Articles Archive