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Royalty Pharma takeover bid fails to find Elan ecceptance

DUBLIN/ WASHINGTON Ireland-based biotechnology firm Elan Thursday rejected Royalty Pharma's increased $6.4 billion takeover bid, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share. Royalty raised its hostile cash bid to $12.50 per share on Monday, from $11.25 previously, but made the new offer conditional on Elan shareholders rejecting, at a ...
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Royalty Pharma takeover bid fails to find Elan ecceptance

DUBLIN/ WASHINGTON Ireland-based biotechnology firm Elan Thursday rejected Royalty Pharma's increased $6.4 billion takeover bid, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share.

Royalty raised its hostile cash bid to $12.50 per share on Monday, from $11.25 previously, but made the new offer conditional on Elan shareholders rejecting, at a meeting due to be held on June 17 , the series of defensive transactions recently announced by the Irish drug firm.

Royalty's chief executive Pablo Legorreta in a statement said that the U.S. firm believes the increased bid will provide an attractive financial alternative to shareholders.

He added in a statement that they are encouraging Elan shareholders against announced transactions.

Royalty, which had said on Monday it reserved the right to reduce the acceptance threshold from 90 percent, has described Elan's efforts to reinvent itself through a series of acquisitions and debt deals as hasty and ill-conceived.

Lowering the acceptance threshold for investors during bid situations is a tactic to encourage more shorter-term shareholders, such as hedge funds, who are trading the stock based on takeover activity, into buying from the longer-term strategic holders who have the heft to block the approach. ...