Looks like ELN is exercising some options:
Alert: Elan Corp Says Exercise Option of Neuralab Deal Is $76.3 Mln (mergers, NYSE:ELN, health) - Reuters Securities - 4:42 pm
Alert: Elan Corp Says to Exercise Option to Buy Neuralab Stock at $61.01/Shr (mergers, NYSE:ELN, health) - Reuters Securities - 4:41 pm
Alert: Elan Corp Says Total Exercise Cost of Axogen Deal Is $182.8 Mln (mergers, AMEX:AXG, NYSE:ELN, health) - Reuters Securities - 4:40 pm
Alert: Elan Corp Says to Exercise Option to Buy Axogen Shrs at $34.56 (mergers, AMEX:AXG, NYSE:ELN, health) - Reuters Securities - 4:39 pm
Elan Exercises Option to Acquire Axogen Limited
DUBLIN, Ireland, Nov. 29 /PRNewswire/ -- Elan Corporation, plc (NYSE: ELN - news; ''Elan'') today announced that it is exercising its option to acquire all of the outstanding common shares of Axogen Limited (AMEX: AXG - news; ''Axogen'') at a price of $34.56 per share payable in cash at an exercise cost to Elan of $182.8 million, pursuant to the purchase option granted by Axogen in November 1996. The transaction is expected to be completed by December 31, 1999.
Axogen was formed in September 1996 and is engaged in the development of therapeutic products for the treatment of neurological disorders and for pain management. After its formation, Axogen was initially funded through a public offering of units consisting of one warrant to purchase two Elan American Depositary Shares and one Axogen common share. The warrants will continue to trade on the NYSE until December 31, 2001.
Subject to the receipt of a definitive appraisal, Elan would expect that some proportion of the purchase consideration would be accounted for as acquired in-process research in the fourth quarter of 1999.
Elan is a leading worldwide specialty pharmaceutical company headquartered in Ireland, with its principal research, development, manufacturing and marketing facilities located in Ireland, the United States and Israel. Elan shares trade on the New York, London and Dublin Stock Exchanges.
SOURCE: Elan Corporation, plc
I'll post the other story when it hits the wires....
Tom |
