Elan Corp PLC (ELN)

[blackcat]

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