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ISEQ flat despite Troika departure

Friday, December 13 17:43:32

The ISEQ showed little enthusiasm for the last working day in which the Troika hold sway in Ireland with stocks closing flat.

The index was down 1.92 points to 4,335.60.

Independent News and Media PLC's (INM) upcoming Extraordinary General Meeting in connection with its proposed Firm Placing and Placing and Open Offer, will take place on Monday. Shares in the group were unmoved at E0.12.

Elan's shares rose 2c to E12.88 after it 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.