Elan rejects Royalty Pharma's increased bid; prices Senior Notes offering
Ireland-based takeover target Elan Corp (NYSE: ELN) says that its board of directors, after careful review and consideration, has determined that privately held investment firm Royalty Pharma's revised offer announced earlier this week (The Pharma Letter May 21) to acquire all of Elan's shares for $12.50 per share (up from $11.25 a share) substantially undervalues the company.
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