Monday, February 25, 2013 9:17:01 AM
By MarketWatch
LONDON--Royalty Pharma Management LLC Monday announces an indicative bid for Elan Corporation PLC /quotes/zigman/170510/quotes/nls/eln ELN +3.01% , a neuroscience focused biotechnology company, of $11 for every Elan Share and every Elan ADS, a 12.6% to the current enterprise value of Elan.
MAIN FACTS:
-RC Management approached the Chairman of Elan on Feb. 18, followed by a meeting on Feb. 20.
-While Royalty Pharma has not received a formal response to its proposal and has been unsuccessful in its efforts to engage with Elan since making the proposal, Royalty Pharma remains committed to working towards a recommended transaction.
-Possible offer represents a cash premium of 6.3% to the closing share price of Elan Stock on Feb. 15, of $10.35 on the New York Stock Exchange.
-Royalty Pharma plans to finance the possible offer through a combination of available cash and debt.
-Elan shares at 0852 GMT in London traded down 3.0 cents, or 0.4%, at EUR794.0, valuing the company at EUR4.74 billion.
http://www.marketwatch.com/story/rp-management-mulls-11-share-bid-for-elan-2013-02-25
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