ISS pans Elan plans; Elan secures Royalty ban
This article was originally published in Scrip
Executive Summary
Elan has obtained injunctions in the US and Ireland against hostile bidder Royalty Pharma, blocking it from consummating its tender offer or sending its proxy statement to Elan shareholders. The Irish firm's complaint is that Royalty has failed to disclose information, such as the identity of its investors and details of what Royalty plans to do with Elan should it acquire a majority, which is required under Irish and US law.