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Takeover target Elan has €2bn in cash to diversify business

IRISH drug company Elan has said it has $2bn in cash used to diversify the business and grow shareholder value.

Financial results for the first three months of the year show the company had a net loss from continuing operations of $72.8bn.

Elan, involved in a convoluted takeover saga with Royalty for the past two months, rejected a reduced $11.25 per share bid from the U.S. investment company yesterday saying it grossly undervalued its future prospects.

Kelly Martin, chief executive, said: “Over the past year we have engaged with many companies around the world.

“By combining these discussions and relationships with our core principles, we are confident that these discussions will deliver significant value-creating opportunities for Elan and our shareholders.

“To that end, I very much look forward to sharing the depth and breadth of those specific opportunities, directly to our shareholders, in due course.”


Online Editors