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Elan Corporation PLC (ELN)’s Board of Directors Unanimously Reject Royalty Pharma’s Revised Tender Offer



5/23/2013 10:56:25 AM

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DUBLIN--(BUSINESS WIRE)--Elan Corporation, plc (NYSE: ELN) (Elan) today announced that its Board of Directors, after careful review and consideration and with the assistance of its executive management team as well as outside financial and legal advisors, has determined that privately held investment firm Royalty Pharma's revised offer (“Royalty Pharma Offer") announced on Monday May 20, 2013 to acquire all of Elan's shares for $12.50 per share through its shell subsidiary Echo Pharma Acquisition Limited, substantially undervalues the company.

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