Elan Corporation, plc ELN (Elan or the Company) today announced
that its Board of Directors, after careful review and consideration and
with the assistance of its executive management team as well as outside
financial and legal advisors, has rejected the revised bid from
privately held investment firm Royalty Pharma, through its subsidiary
Echo Pharma Acquisition Limited (Royalty Pharma), to acquire all of the
shares of Elan for $13.00 plus up to an additional $2.50 per share in
contingent value rights (CVR). The value gap between the underlying
value of Elan plc and the totality of its business platform and the
Royalty Pharma/Echo bid remains significant and the $13.00 cash and
$2.50 CVR structure continues to be wholly inadequate for Elan
shareholders. The
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