Royalty bid for Elan could be withdrawn; J&J sells 25.4 million Elan shares
Ireland-based hostile takeover target Elan (NYSE: ELN) fell 5.2% to 9.29 euros on June 13, the most in four months, after Royalty Pharma said it may be forced to end its $6.7 billion bid to take over the biotechnology company. Elan shareholders may approve a share-repurchasing program at their meeting on June 17, Royalty Pharma said in a statement after reviewing votes cast as of the day earlier.
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