Tag Archives: Tysabri Transaction

Business, Finance, Occupation & Industry

Elan Welcomes Irish Takeover Panel Statement

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By Business Wirevia The Motley Fool

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Elan Welcomes Irish Takeover Panel Statement

DUBLIN–(BUSINESS WIRE)– The Board of Elan Corporation, plc (NYS: ELN) (the Company) welcomes this morning’s imposition by the Irish Takeover Panel of an expected May 10, 2013 deadline on Royalty Management LLC (Royalty Pharma) (following their original indication of interest announcement of February 25, 2013) by which Royalty Pharma must either announce an offer for Elan under Rule 2.5 of the Irish Takeover Rules or announce that it will not proceed with an offer for Elan. Elan’s focus remains on implementation of its stated strategy, particularly following the closing of the Tysabri Transaction on April 2, 2013. Elan’s position remains as outlined on February 25, 2013:

  • The “proposal” by Royalty Pharma remains an indication of interest, is highly conditional and may or may not lead to an offer being made for the entire issued share capital of the Company.
  • The highly conditional indication of interest is opportunistic in its timing.
  • Any credible proposal which may be made by Royalty Pharma or any other party will of course be considered by the Company alongside the strategic transactions and unique investment thesis referred to in our recent announcements in February 2013.

Further announcements and business updates by the Company will be made as appropriate.

The Directors of Elan accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Any holder of 1% or more of any class of relevant securities of Elan or of Royalty Pharma may have disclosure obligations under Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules 2007 (as amended).

About Elan

Elan is a biotechnology company, headquartered in Ireland, committed to making a difference in the lives of patients and their families by dedicating itself to bringing innovations in science to fill significant unmet …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Elan Discloses Filing of Share Repurchase Tender Offer Documentation

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By Business Wirevia The Motley Fool

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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:

…read more
Source: FULL ARTICLE at DailyFinance
Company Announcements Office,
Irish Stock Exchange,
28 Anglesea Street,
Dublin 2,
Ireland.
Business, Finance, Occupation & Industry

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

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By Business Wirevia The Motley Fool

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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