Reuters: Regulatory News: Irish, U.S. courts temporarily block Royalty Pharma tender for Elan

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Irish, U.S. courts temporarily block Royalty Pharma tender for Elan Jun 3rd 2013, 22:19 June 3 | Mon Jun 3, 2013 6:19pm EDT June 3 (Reuters) - Elan Corp got relief from courts in two countries that temporarily prevents U.S.-based Royalty Pharma from going ahead with its hostile bid for the Irish drugmaker. The Irish High Court on Monday issued an order restraining Royalty from distributing a proxy statement to Elan's shareholders until early on Tuesday. Elan's complaint said the proxy statement, filed with the U.S. Securities and Exchange Commission last week, failed to meet several material disclosure requirements under Irish takeover laws. Separately, a U.S. federal court judge granted a temporary restraining order late on Monday blocking Royalty from "consummating or closing" its tender offer to buy Elan's outstanding shares. The judge scheduled a June 11 hearing on whether he should preliminarily enjoin Royalty Pharma from moving forward with the tender offer. Last month, Elan rejected Royalty's increased $6.4 billion bid, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share. Dublin-based Elan has instead been making a series of defensive transactions and last week said it would look at other ways to maintain its independence if shareholders rejected these deals.

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