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Dublin court clears Elan E6.48bn sale

Friday, December 13 14:35:00

Irish drug developer, Elan, today received approval from the High Court in Dublin to go ahead with the $8.6 billion (E6.48 billion) sale of the company to Perrigo.

Back in July, Perrigo and Elan entered into a transaction agreement pursuant to which Perrigo agreed to acquire Elan through the formation of a new Irish holding company that has since been renamed Perrigo Company plc.

The acquisition of Elan will be effected by a "scheme of arrangement" under Irish law and, in connection with the acquisition, a subsidiary of New Perrigo will merge with and into Perrigo. Following the consummation of these transactions, both Perrigo and Elan will be wholly owned subsidiaries of New Perrigo.

The parties have now obtained all regulatory approvals required to complete the transaction. The closing remains subject to the satisfaction of other customary closing conditions and is expected to occur next Wednesday.

Trading of Perrigo shares will continue on the New York Stock Exchange until the end of the day on December 18, 2013, and on the Tel Aviv Stock Exchange until 4:30 p.m. local time (9:30 a.m. Eastern Standard Time) on December 19, 2013; trading of Elan ordinary shares will continue on the Irish Stock Exchange until the end of the day on December 17, 2013, and trading of Elan American Depositary Shares will continue on the New York Stock Exchange until the end of the day on December 18, 2013.

The delisting of Elan ordinary shares from the Irish Stock Exchange and of the Elan American Depositary Shares from the New York Stock Exchange will be effective following the close of trading in those respective markets on December 18, 2013.

The ordinary shares of New Perrigo are expected to commence trading under the ticker symbol "PRGO" on the New York Stock Exchange on December 19, 2013, and on the Tel Aviv Stock Exchange on December 22, 2013.

Perrigo Chairman, President and CEO Mr. Joseph C. Papa stated: "We are pleased with the Irish High Court's approval of the scheme of arrangement and expect to close the Elan transaction prior to the end of the year."