Elan shareholders opt for $1B share buyback amid M&A talk

Elan ($ELN) shareholders have overwhelmingly approved a $1 billion share buyback from the company, cashing in on some of the spoils of the company's deal that gave Biogen Idec ($BIIB) complete control over Tysabri. The buyback plan will pay them $11.25 to $13 a share, Reuters reports, but then there is the $11-a-share buyout offer from Royalty Pharma on the table. Should they take that cash and run, or should they count Elan management making some savvy pharma investments that will net them much more down the road? Or should they hold out, expecting Royalty to come back with a $12 a share offer? Article

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