Elan Corporation, plc (NYSE:ELN) (Elan or the Company) shares plunged in premarket trading after announces that, at its Extraordinary General Meeting held earlier today, shareholders approved the Share Repurchase Program.
Shareholders did not approve the Theravance Transaction, the AOP Transaction or the ELND005 Transaction.
As shareholders have approved the Share Repurchase Program, and in accordance with the terms of the Royalty Pharma Offer, the Royalty Pharma Offer has now lapsed*.
As announced on June 14, 2013, Elan has now initiated a formal sale process. Royalty Pharma has been invited to participate in that process and to bring forward a new offer should it so desire.
The number of votes cast for and against each resolution will be made available on our website (http://www.elan.com) later today.
*Royalty Pharma had sought the approval from the Irish Takeover Panel to allow it to amend its offer so it would not lapse should the Share Repurchase Program or the ELND005 Transaction be approved by shareholders at the EGM. On June 6, 2013, the Irish Takeover Panel refused to grant such approval. Royalty Pharma has launched judicial review proceedings in the Irish High Court against the decision of the Irish Takeover Panel. Pending the resolution of the proceedings (which are due to be heard on Wednesday 19 June 2013) Royalty Pharma has secured injunctive relief preventing the Irish Takeover Panel – in the event that one or both of the ELND005 or share purchase programme resolutions are passed but both the Theravance resolution and the AOP resolution are rejected- from issuing a direction that Royalty Pharma lapse its offer or from treating the offer as having lapsed for any purposes under the Irish Takeover Panel Act, or otherwise from treating or deeming the offer to have lapsed.
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 medical needs that continue to exist around the world. For additional information about Elan, please visit http://www.elan.com.
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Source: Elan Corporation, plc
Elan Corporation, plc
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