Elan board agrees $8.6 billion takeover bid
US health care company Perrigo (NYSE: PRGO) revealed this morning that Ireland-based drugmaker Elan Corp (NYSE: ELN) has entered into a definitive agreement to a takeover offer of $6.25 in case and 0.07636 shares of “New Perrigo” for each share of Elan, valuing each Elan share at $16.50 based on their July 26 closing price.
The cash and stock transaction, which is valued at about $8.6 billion based on the closing price of Perrigo shares on July 26, 2013 ($6.7 billion excluding Elan’s cash on hand), will create a global health care company with an industry-leading growth profile and the geographic scale and scope to continue building a truly differentiated business, says Perrigo.
Beats rejected Royalty Pharma offer
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