Elan Says Shareholders Approve Its Acquisition By Perrigo Co. - Quick Facts

(RTTNews) - Irish biotech firm Elan Corporation plc's (ELN) shareholders approved the acquisition of Elan by US-based healthcare products company Perrigo Co. (PRGO) at two special meetings of Elan shareholders: a special court-ordered meeting and an extraordinary general meeting or the EGM.

Perrigo and Elan inked a definitive deal under which a new holding company incorporated in Ireland ("New Perrigo") would acquire Elan in a stock-and-cash deal, as announced earlier. The transaction would be effected by way of a scheme of arrangement under Irish law. Subject to the Irish High Court approval, the transaction may close by year end.

Out of around 514.77 million Elan shares outstanding as of the record date and entitled to vote at the special meetings, 66% were represented in person or by proxy at the meetings, constituting a quorum for the transaction of business. Abstentions are not considered votes cast at the meetings. As the approval of all proposals is based on votes properly cast at the meeting, abstentions do not have any effect on the outcome of the voting.