Elan shareholders to vote on deal
Shareholders to vote on proposed New Perrigo acquisiton on November 18th
Perrigo is set to acquire Elan in a $8.6 billion (€ 6.48 billion) deal
Shareholders in biotech company Elan will get an opportunity to vote on Michigan-based pharmaceuticals group Perrigo’s proposed acquisition of the Irish company on November 18th in Dublin.
Two meetings will be held at The DoubleTree by Hilton Hotel (formerly known as the Burlington Hotel), with the first starting at 10.00 am. It will be followed by an extraordinary general meeting. Both meetings are being held to seek shareholder approval of the Scheme of Arrangement in accordance with Irish law, and the approval of related matters by the Elan shareholders will also be sought at the extraordinary general meeting.
The deal, which was announced last July, will see the US generic drugmaker pay $8.6 billion (€ 6.48 billion) for Elan in a deal that will hand it royalty rights from a blockbuster treatment and tax savings from being domiciled in Ireland.
It has established New Perrigo, a private limited company incorporated in Ireland solely for the purpose of effecting the transaction.
Following the conclusion of the deal, an indirect subsidiary of New Perrigo will merge with and into Perrigo, as a result of which the separate corporate existence of this subsidiary will cease and Perrigo will continue as the surviving corporation as a wholly owned indirect subsidiary of New Perrigo.
At the effective date, all Perrigo shares will be cancelled and each Perrigo share will automatically be converted into the right to receive one New Perrigo share and $0.01 in cash.