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Re: DewDiligence post# 14

Thursday, 02/07/2019 1:59:23 PM

Thursday, February 07, 2019 1:59:23 PM

Post# of 30
Re: ELAN’s pending full separation from LLY

LLY plans to divest its remaining ownership of ELAN via a share-swap tender offer (as PFE did with ZTS). Compared to an outright distribution, the swap offer is beneficial for ELAN insofar as LLY’s ELAN shares end up in the hands of only those investors who want them.

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