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The Deal: Elan Agrees on $8.6B Takeover by Perrigo

Stocks in this article: ELNPRGOTHRXBIIBCMSBCS

Elan's other asset is a pipeline of neuropsychiatric drugs, one of which the Irish company had planned to spin off into a new company before shareholders blocked the move last month.

Perrigo makes over-the-counter drugs, nutritional products and prescription pharmaceuticals, with its main markets the U.S., Mexico, Israel and the U.K. It had fiscal 2012 sales of $3.2 billion and net profit of just under $393 million, before adjustments.

The takeover will take place via a scheme of arrangement, which requires clearance from holders of 75% of the Elan stock that is voted at a forthcoming meeting, approval from Perrigo shareholders and the go-ahead from the Irish High court, as well as normal regulatory approvals.

The new company will be listed on the New York Stock Exchange and in Tel Aviv.

Citigroup (C) bankers including Chris Hite, Bill White and Dave Magstadt are advising Elan, alongside Davy Corporate Finance's Eugenee Mulhern, Morgan Stanley's (MS) Colm Donlon, Ondra Partners' Michael Tory. Elan's legal advisers are A&L Goodbody and Cadwalader, Wickersham & Taft.

Perrigo's advisers include Barclays' (BCS) Punit Mehta and Derek Shakespeare.

Written by Laura Board.

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