June 13 (Bloomberg) -- Royalty Pharma said Elan Corp. shareholders may approve a share repurchasing program at their meeting on June 17, which would force Royalty to withdraw its $6.7 billion offer to take over the Irish company.
“Royalty Pharma believes that this proposal can still be voted down if a few shareholders change their vote,” Royalty Pharma said today in a statement. “Royalty Pharma remains in active dialogue with Elan shareholders.”
Holders of more than 70 percent of Elan’s American depositary shares had voted on Elan’s four proposals as of 5:30 p.m. New York time yesterday, Royalty Pharma said. Elan’s board rejected Royalty’s latest offer June 10.
Elan shares fell as much as 9 percent in Dublin trading, and were down 5.2 percent as of 1:08 p.m.
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