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Tel-Aviv Stock Exchange

Perrigo In $8.6 Billion Cash, Stock Deal For Elan

Health-care products group Perrigo Co. said Monday that it has entered into a definitive agreement to buy Ireland-based Elan Corp. in a cash-and-stock deal valued at $8.6 billion. Under terms of the deal, each holder of Elan's American depositary receipt shares will get $6.24 in cash and 0.07636 shares of the new combined company, which values each Elan share at $16.50 per share. That price represents a premium of 10.5% compared with Friday's $11.14 per share closing price for Elan's ADR. Perrigo shareholders will get one share of the new company for each share of Perrigo they own and $0.01 per share in cash. At the transaction's close, Perrigo shareholders are expected to own 71% of the combined company and Elan shareholders will own 29%. Perrigo and Elan will be combined under New Perrigo, a new company incorporated in Ireland. Through the deal, Perrigo will have access to royalties for Elan's multiple sclerosis drug Tysabri, which was sold to Biogen Idec earlier this year. "We belie...

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