DUBLIN, April 22 (Reuters) – Irish drugmaker Elan
rejected a reduced $11.25 per share bid from Royalty Pharma
, putting the ball back in the U.S. investment
company’s court in an increasingly convoluted takeover saga.
Royalty made its initial approach in February, attracted by
the promise of lucrative revenues from Elan’s multiple sclerosis
drug Tysabri. But Elan has fought to maintain its independence
through a series of manoeuvres designed to frustrate the bid,
which is contingent on 90 percent acceptances.
DUBLIN/NEW YORK (Reuters) – U.S. healthcare firm Johnson & Johnson (JNJ.N: Quote, Profile, Research) cut its stake in Elan Corp (ELN.N: Quote, Profile, Research) on Thursday in a move that clouds prospects for a $7.3 billion (4.7 billion pounds) takeover bid for the Irish drugmaker.
U.S. investment firm Royalty Pharma on Monday made an improved $12 per share bid for Elan, which has rejected its suitor’s overtures and wants to remain an independent company.
DUBLIN/NEW YORK, April 18 (Reuters) – Elan
shareholders gave the Irish drugmaker a boost in its hopes of
fending off a $7.3 billion bid from Royalty Pharma when they
ignored a plea from the U.S. investment firm to tender stock at
a high price at a buyback on Thursday.
Royalty, which sweetened its offer for Elan this week, urged
shareholders to “send a message to the Elan board” by tendering
all of their stock at $11.75 or $12 to fully benefit from its
$12 per share offer.
DUBLIN (Reuters) – A majority of Irish public sector workers rejected a new pay deal on Tuesday and warned the government against unilaterally cutting wages, giving it a headache as it seeks to exit an EU-IMF bailout later this year.
The government and the country’s main unions agreed in February to extend a three-year-old pay deal that has been credited with avoiding the kind of industrial unrest seen in other euro zone countries hit by debt woes.
DUBLIN/NEW YORK (Reuters) – Royalty Pharma’s ROYPH.UL sweetened bid for Irish drugmaker Elan (ELN.I: Quote, Profile, Research) heaps pressure on Elan’s management to open its books to the U.S. investment firm in the hope of a better offer, analysts and shareholders said on Monday.
Royalty made its formal cash offer worth up to $7.3 billion (4.76 billion pounds), or $12 a share, ahead of a May 10 deadline for a firm bid, improving on an initial approach worth $11 per share that was rejected by Elan in February for being “highly conditional”.
DUBLIN/ NEW YORK, April 15 (Reuters) – U.S. investment firm
Royalty Pharma launched a cash offer on Monday for
Elan worth up to $7.3 billion, improving on its initial
proposal to take over the Irish drugmaker and the lucrative
royalty rights on its main drug.
Royalty made an indicative approach worth $11 per share in
February, which Elan rejected for being “highly conditional”.
Facing a May 10 deadline to make a firm offer, it came back on
Monday with one worth up to $12 a share.
DUBLIN, April 11 (Reuters) – Austria hit back at critics of
its banking secrecy on Thursday by urging Britain and the United
States to crack down on money laundering and tax havens in their
own backyards, as EU ministers prepared to debate the issue in
Isolated in the European Union following Luxembourg’s move
this week to share foreigners’ bank data to foil tax cheats,
Austria’s finance minister said she could discuss such a change
of tack – but insisted it could not be a “one-way street” and
accused London and Washington of failing to close international
tax loopholes in the likes of Delaware and the Channel Islands.
DUBLIN (Reuters) – Ireland’s gradual recovery is fragile but signs of life in the domestic economy suggest it is capable of exiting its bailout on schedule at the end of this year, the International Monetary Fund (IMF) said on Wednesday.
Rescued by Europe and the IMF in late 2010, Ireland has consistently hit the targets set under its bailout and closed in on weaning itself off emergency assistance last month by raising 5 billion euros ($6.42 billion) in a landmark 10-year bond sale.
DUBLIN, March 27 (Reuters) – State-owned Allied Irish Banks
(AIB) declared that it is moving back towards
profitability after cutting its operating loss by a quarter last
year and improving margins this year.
AIB cost taxpayers more than 20 billion euros during the
financial crisis – the most handed out to any lender still
operating – and is cutting jobs, closing branches and reducing
its funding costs.
DUBLIN, March 26 (Reuters) – Irish bank permanent tsb (PTSB)
has had no fallout from the banking crisis in Cyprus,
the state-owned lender said on Tuesday after reporting that
losses in 2012 shrank by a third, while mortgage arrears rose.
“We’ve seen no issues so far, we’ve been through a lot worse
than this and have seen continued inflows,” PTSB group treasurer
Kieran Bristow told a news conference.