Elan Corporation (NYSE:ELN): Current price $12.39
On Thursday, Elan announced that its board as decided that the privately-held investment firm Royalty Pharma’s revised offer as of May 20, to purchase all of Elan’s shares at $12.50 through its shell subsidiary Echo Pharma Acquisition Limited, substantially undervalues the firm. Elan Chairman Robert A. Ingram commented that “the revised offer from Royalty Pharma continues to grossly undervalue our company’s current business platform and our future prospects. This offer is no more than an opportunistic attempt to acquire our company at a substantial discount at our Shareholders’ expense. Put simply, for Royalty Pharma to win, you our Shareholders must lose. Accordingly, the Board unanimously and without reservation rejects the revised Royalty Pharma offer.”
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