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Royalty Pharma Drops Hostile Bid for Elan Corporation PLC (ELN)



6/18/2013 7:21:41 AM

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Royalty Pharma's hostile $8 billion bid for Irish drug firm Elan lapsed on Tuesday when it withdrew an appeal against a ruling by Ireland's regulator on takeover battles. U.S.-based Royalty had made its offer conditional on Elan shareholders rejecting all resolutions put to a vote at a meeting on Monday, but the owners' approved one of the four resolutions, for a share buyback. Royalty had said it meant its conditionality to apply to only two other resolutions relating to acquisitions but the Irish Takeover Panel had ruled that it could not modify the terms at this stage of the takeover contest.

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