Elan Agrees to Perrigo Takeover and 2 Other Hot Stocks to Watch
Elan Corp. (NYSE:ELN): Current price $15.55
Perrigo Co. will acquire biotech company Elan Corp. at a price of $8.6 billion, after the latter had put itself on the block after turning down a previous suitor. Perrigo makes private-label cold remedies, infant formula, and allergy treatments for retailers like Wal-Mart Stores Inc. and Walgreen Co. The transaction to buy Elan will be accomplished with cash and stock at $16.50 a share, which represents a 10.5 percent premium over Elan’s close on Friday. The latter’s shares are up more than 4 percent Monday morning.