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Elan says has 'Plan B' if shareholders reject deals
May 30, 2013 / 11:04 AM / 4 years ago

Elan says has 'Plan B' if shareholders reject deals

DUBLIN, May 30 (Reuters) - Elan said on Thursday it would present shareholders with an alternative strategy if they reject a string of deals it announced recently and thereby make it more likely that Royalty Pharma will acquire the Irish drug firm.

Royalty last week increased a hostile cash bid for Elan to $12.50 per share from $11.25, but made the new offer conditional on Elan shareholders rejecting the series of defensive transactions at a meeting due to be held on June 17.

“If the shareholders have a different opinion, I think what you will see is Elan immediately announce Plan B,” Chief Executive Kelly Martin told a news conference, adding that there were different opinions among shareholders on one deal struck earlier this month with U.S. company Theravance.

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