Padraic's Feed
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.

Jun 4, 2013

U.S. court freezes Royalty’s bid for drugmaker Elan

DUBLIN (Reuters) – U.S.-based investment firm Royalty Pharma ROYPH.UL is unable to go ahead with its hostile $6.4 billion bid for Irish drug firm Elan (ELN.I: Quote, Profile, Research, Stock Buzz) for now, following a New York court ruling.

Royalty increased its cash offer two weeks ago but Elan, which has rejected Royalty’s advances, was granted a temporary restraining order late on Monday blocking Royalty from “consummating or closing” its tender offer.

May 31, 2013

Ireland rejects U.S. senator claims as tax spat rumbles on

DUBLIN (Reuters) – Ireland has rejected claims by two U.S. senators that Ireland is a tax haven and had handed Apple Inc a special tax deal, a charge the pair stood by on Friday.

Ireland’s ambassador to the United States Michael Collins has written to the two senators, Carl Levin and John McCain, arguing Ireland’s tax system is transparent, according to the text released by the finance ministry.

May 31, 2013

Aer Lingus board backs 140 mln euro pension payout

DUBLIN, May 31 (Reuters) – Aer Lingus’s board
backed a proposed 140 million euros ($183 million) one-off
payment to employee pensions on Friday under a deal to avoid
possible strikes at the Irish airline.

The deal aims to address a hole in a pension scheme which
employees at Aer Lingus share with other aviation industry
workers and which had a deficit of over 700 million euros at the
end of 2011.

May 30, 2013

Elan says has ‘Plan B’ if shareholders reject deals

DUBLIN (Reuters) – Irish drugmaker Elan will lay out an alternative strategy if shareholders reject a string of planned deals and thereby make a bid from a U.S.-based investment group more likely to succeed.

Royalty Pharma last week increased its a hostile cash bid for Elan, conditional on the target’s shareholders rejecting a series of planned transactions at a meeting due to be held on June 17.

May 27, 2013

Ireland readies diplomatic corps to rebuff tax haven claims

DUBLIN, May 27 (Reuters) – Ireland is preparing to
officially reject accusations by U.S. Senators this week that it
acts as a tax haven for large multinationals and launch a
diplomatic offensive to repair the damage done to its reputation
abroad.

Ireland has been forced to defend its low corporate tax rate
after the Senate said last week that iPhone and iPad maker Apple
paid little or no tax on tens of billions of dollars in
profits channelled through Irish subsidiaries and that it had
effectively negotiated a special corporate tax rate of less than
2 percent. {ID:nL2N0E20Y1]

May 23, 2013

Elan rejects Royalty’s $6.4 bln raised offer

DUBLIN, May 23 (Reuters) – Elan rejected Royalty
Pharma’s increased $6.4 billion bid on Thursday,
shortly after the U.S. firm cut the acceptance bar for its
latest offer to 50 percent plus one share.

Royalty raised its hostile cash bid to $12.50 per share on
Monday, from $11.25 previously, but made the new offer
conditional on Elan shareholders rejecting at a meeting due to
be held on June 17 the series of defensive transactions recently
announced by the Irish drug firm.

May 23, 2013

Apple enjoyed Irish tax holiday from the start

SAN FRANCISCO/DUBLIN, May 23 (Reuters) – Apple has operated
almost tax-free in Ireland since 1980, welcomed by a government
keen to bring jobs to what was then one of Europe’s poorest
country, former company executives and Irish officials have
said.

Chief Executive Tim Cook faced criticism from a Senate
subcommittee in Washington on Tuesday over the iPad and iPhone
maker’s tax practices, which had been shrouded from full view
behind secretive tax-exempt Irish-based corporate entities.

May 22, 2013

Ireland says will not be U.S. ‘whipping boy’ on tax

DUBLIN (Reuters) – Ireland’s finance minister said the country would not be the “whipping boy” for what he called a flawed U.S. Senate report that said Irish loopholes helped technology giant Apple shrink its tax bill.

Ireland has been forced to defend its corporate tax rate after the Senate said on Monday that Apple paid little or no tax on tens of billions of dollars in profits channeled through Irish subsidiaries and that it had negotiated a special corporate tax rate of less than 2 percent. {ID:nL2N0E20Y1]