This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Royalty Pharma Urges Elan Shareholders To Vote AGAINST ALL FOUR Elan Resolutions Today

Stocks in this article: ELN

NEW YORK, June 10, 2013 /PRNewswire/ -- Royalty Pharma today urged Elan Corporation, plc (NYSE: ELN) Shareholders to immediately vote AGAINST ALL FOUR resolutions Elan's Board has put forth for the Extraordinary General Meeting ("Elan EGM") on June 17. 

To meet the official voting deadlines:

  • Holders of Elan American Depository Receipts held in street name may only vote their proxies through BroadRidge up to 11:59 PM New York time on Wednesday, June 12. 
  • Holders of Elan Ordinary Shares may only vote their proxies through Computershare ( Ireland) up to 10:00 a.m. Irish time on Saturday, June 15.

Royalty Pharma has offered to acquire Elan for $13 per share in cash, plus a contingent value right (CVR) worth up to $2.50 per share upon the achievement of certain CVR Payment Events, but Royalty Pharma's offer will lapse if the resolutions at the Elan EGM are approved. Royalty Pharma believes that the Theravance Transaction and the Other Transactions subject to shareholder approval at the June 17 Elan EGM lack financial justification.  Royalty Pharma believes that Elan has undertaken these transactions solely to fend off Royalty Pharma's increased offer. 

"Wednesday is the last day for ADS holders who hold in street name to vote through BroadRidge against the misguided Elan resolutions," said Rory Riggs, Chairman of Royalty Pharma. "Elan's Board is hopelessly entrenched and appears to be doing everything it can to deny Elan shareholders the opportunity to consider Royalty Pharma's offer.  We encourage all Elan shareholders to vote 'AGAINST' ALL RESOLUTIONS at the Elan EGM so they have an opportunity to consider our offer."

Royalty Pharma is now offering a compelling upfront cash value of $4.9 billion for Elan's Tysabri Royalty (or $6.2 billion including the maximum aggregate amount payable under the CVRs), a 52% to 92% (including the maximum aggregate amount payable under the CVRs) premium to the $3.25 billion at which Royalty Pharma believes Elan sold approximately half of its interest in Tysabri to Biogen [3].  The aggregate amount payable under the Further Increased Offer of $13.00 up to $15.50 (including the maximum aggregate amount payable under the CVRs) represents a premium of 56% to 97% (including the maximum aggregate amount payable under the CVRs) to the Undisturbed Elan Enterprise Value [4].

Elan shareholders seeking more information on Royalty Pharma's offer to acquire Elan or instructions on how to vote the GREEN proxy card against the four transactions should contact Royalty Pharma's U.S. information agent at the contact details below:

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs