Elan Corporation PLC Board Rejects Royalty Pharma Takeover Bid
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The board of directors of Elan Corp. (ELN) Monday unanimously rejected a takeover bid by Royalty Pharma, a knockback in the U.S. investment firm's two-month-old pursuit of the Irish biotechnology company. Elan's board said the $11.25-a-share bid substantially undervalued the company. "The offer from Royalty Pharma grossly undervalues Elan's current business platform and our future prospects," Elan Chairman Robert A. Ingram said in a statement. The rejection is the latest in an ongoing skirmish between the Dublin-based biotech company and Royalty Pharma, a New York-based intellectual property investor.
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The board of directors of Elan Corp. (ELN) Monday unanimously rejected a takeover bid by Royalty Pharma, a knockback in the U.S. investment firm's two-month-old pursuit of the Irish biotechnology company. Elan's board said the $11.25-a-share bid substantially undervalued the company. "The offer from Royalty Pharma grossly undervalues Elan's current business platform and our future prospects," Elan Chairman Robert A. Ingram said in a statement. The rejection is the latest in an ongoing skirmish between the Dublin-based biotech company and Royalty Pharma, a New York-based intellectual property investor.
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