Elan Corporation, plc (ELN) Message Board

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Biotech / Medical : Elan Corporation, plc (ELN)

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To: Arthur Radley who wrote (10088)	2/9/2009 8:34:29 AM
From: pgo-neil	Read Replies (1) of 10345

All is not well in Elanville... Jack Schuler of Crabtree partenrs with 1.5% of ELN has allied with others holding about 37% to lobby the Board of Directors to change course on the company strategies and interestingly to publicly oppose the PFE/WYE deal on antitrust grounds [for Alz]. Schuler's correspondence is much more professional and strategic than Loeb's correspondence with LGND, inter alia. Details at the ELN dissident website; www.fixelan.com The letters also have some history of his communications with the board and its members as well as changes in his preferences for management improvement. Definitely worth reading for the antitrust thoughts in this market. Kyran McLaughlin [the other KM, Chairman of the BoD] has a brief interview in a related article in the Sunday Financial Times where he hints at selling a minority stake in ELN. ELN must be in a more desperate strait than I had thought. >Mr McLaughlin said a deal involving the sale of 19-25 per cent of Elan was likely within 10 weeks because "there were certainly half a dozen" interested buyers. That size sale is below the threshold requiring shareholder approval but also reduces the downside for existing investors through excessive dilution. He expressed his confidence in Pfizer pursuing Wyeth's collaboration with Elan but added that, if it was cancelled, "there would be a queue of other pharma companies".< ft.com I foresee continuing volatility in ELN share price... and interesting times for those along for the roller coaster ride. graham --

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