An investigation on behalf of investors of Elan Corporation, plc (ADR) (NYSE:ELN) in connection with the proposed takeover was announced and NYSE:ELN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/31/2013 -- An investigation on behalf of investors in Elan Corporation, plc (ADR) (NYSE:ELN) shares was announced concerning whether the offer by Perrigo Company to acquire Elan Corporation, plc for a value of $16.50 per NYSE:ELN share and the takeover process are unfair to investors in Elan Corporation shares.
Investors who purchased shares of Elan Corporation, plc (ADR) (NYSE:ELN) prior to July 29, 2013 , and currently hold any of those NYSE:ELN shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Elan Corporation, plc breached their fiduciary duties owed to NYSE:ELN investors in connection with the proposed acquisition.
On 29 July 2013, Perrigo Company (NYSE: PRGO) and Elan Corporation, plc (NYSE: ELN) announced that Perrigo Company and Elan Corporation have entered into an agreement under which Elan will be acquired by a new holding company incorporated in Ireland. Under the terms of the Transaction Agreement, at the closing of the acquisition, Elan shareholders will receive US$6.25 in cash and 0.07636 shares of New Perrigo for each Elan share. The transaction values each Elan share at US$16.50 based on the closing price of Perrigo shares on 26 July 2013.
However, given that at least one analyst has set the high target price at $19.00 per NYSE:ELN shares, the investigation by a law firm concerns whether the offer is too low for NYSE:ELN stockholders. More specifically, the investigation focuses on whether the Elan Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
NYSE:ELN shares closed on July 30, 2013, at $15.51 per share.
Those who are current investors in Elan Corporation, plc (ADR) (NYSE:ELN), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Jacob Rosenfeld
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com