Padraic's Feed
Jun 18, 2013

Royalty drops hostile bid for Ireland’s Elan

DUBLIN (Reuters) – U.S.-based Royalty Pharma has dropped a hostile bid worth up to $8 billion for Elan (ELN.I: Quote, Profile, Research, Stock Buzz), leaving the Irish drug maker free to seek other suitors having put itself up for sale last week.

Royalty ROYPH.UL on Tuesday withdrew its appeal against a ruling by Ireland’s regulator on takeovers, meaning the offer automatically lapses and bringing an end to a bitter, four-month battle that involved court hearings, injunctions and a war of words between the two sides.

Jun 17, 2013

Royalty hostile bid for Elan in doubt after vote

DUBLIN, June 17 (Reuters) – Elan shareholders
approved a share buyback on Monday, meaning U.S.-based Royalty
Pharma’s hostile bid for the Irish drug firm will
lapse unless it succeeds in a legal challenge.

Royalty, hoping to convince Elan’s owners to accept its bid
in the face of opposition from its target’s board, last month
made its takeover offer conditional on shareholders voting down
all resolutions at Monday’s meeting.

Jun 14, 2013

Royalty says most Elan shareholders to reject acquisition deals

DUBLIN (Reuters) – U.S. investment firm Royalty Pharma ROYPH.UL said on Friday it expects the majority of takeover target Elan’s (ELN.I: Quote, Profile, Research, Stock Buzz) shareholders will reject the Irish firm’s own proposed acquisition deals at a shareholder meeting on Monday.

Royalty, hoping to convince Elan shareholders that they should accept its bid in the face of opposition from the Irish drug firm’s board, raised its offer last week for the third time to as much as $15.50 per share, or around $8 billion.

Jun 13, 2013

Royalty wins injunction as bid for Elan hits trouble

DUBLIN, June 13 (Reuters) – Royalty Pharma won an
Irish court injunction against a regulator on Thursday, allowing
the U.S. company to appeal a ruling on conditions that threaten
to scupper its hostile bid for Elan Corp.

Royalty, hoping to convince Elan shareholders to accept its
bid in the face of opposition from the Irish drug firm’s board,
received a blow last week when the state body that monitors
takeovers ruled that it could not revise the terms of its offer.

Jun 13, 2013

Divisive Elan boss Martin faces ownership showdown

DUBLIN/NEW YORK (Reuters) – When Kelly Martin, a former Merrill Lynch banker with no drug industry experience, took over as CEO of Ireland’s Elan (ELN.I: Quote, Profile, Research, Stock Buzz) in 2003, analysts assumed his mandate was to clean up the troubled company and sell it.

But 10 years later, despite boardroom battles, drug failures and headlines criticizing his use of private jets, Martin is still in charge.

Jun 12, 2013
via FaithWorld

Irish PM says he received letters in blood over planned abortion law

Photo

(Ireland’s Prime Minister Enda Kenny listens during a news conference in Riga June 6, 2013. REUTERS/Ints Kalnins)

Ireland’s prime minister said he had been sent letters written in blood and been branded a murderer by opponents of his government’s plans to allow limited access to abortion, an issue that has polarised the country for decades.

Jun 12, 2013

Irish PM received letters in blood over proposed abortion law

DUBLIN (Reuters) – Ireland’s prime minister said he has been sent letters written in blood and branded a murderer by opponents of his government’s plans to allow limited access to abortion, an issue that has polarized the country for decades.

Enda Kenny’s government agreed draft legislation in April to allow for limited access to abortion where a woman’s life is in danger, including the threat of suicide, following months of protests from both sides of the debate.

Jun 11, 2013

owner Hilco rescues Ireland’s largest DVD rental chain

DUBLIN (Reuters) – HMV-owner Hilco bought Ireland’s largest film and computer game rental retailer Xtra-Vision on Tuesday, potentially saving close to 1,000 jobs after the firm sought protection from its creditors in April.

Restructuring specialist Hilco, which rescued Britain’s most high-profile entertainment retailer HMV earlier this year, said it hoped it would be able to keep Xtra-vision’s remaining 132 stores open following negotiations with landlords.

Jun 7, 2013

Royalty Pharma raises bid for Elan to potential $8 billion

DUBLIN (Reuters) – Royalty Pharma raised its hostile bid for Irish drug firm Elan to a potential $8 billion on Friday, coming back for the third time after just 7.5 percent of shareholders accepted the last offer.

The U.S. investment firm, seeking to get its hands on Elan’s lucrative royalties from multiple sclerosis drug Tysabri, had its first two bids rejected by Elan’s board in a battle that has turned increasingly bitter since it began in February.

Jun 6, 2013

Ruling threatens Royalty’s Elan bid ahead of key meeting

DUBLIN/NEW YORK, June 6 (Reuters) – Royalty Pharma
received a blow in its battle to take over Irish drug
firm Elan on Thursday after a ruling on conditions
attached to the U.S. company’s hostile bid threatened to scupper
the deal.

Royalty increased its cash bid to 6.4 billion last month
and made it conditional on Elan shareholders rejecting
resolutions at a June 17 meeting, in a bid to stop the
Dublin-based firm pushing through a series of defensive
transactions.