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News : Irish Last Updated: Jun 12, 2013 - 2:58 PM

Ex- Elan director says management / board "not competent to run a business"
By Finfacts Team
Jun 12, 2013 - 10:33 AM

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Jack Schuler, a senior US pharmaceutical industry executive who is a former board member at Elan, in a letter to The Financial Times today, has questioned the experience and competence of the company’s management and claimed its recent proposed investment transactions were “value destructive.”

Elan, the former Irish drugs company, has been reduced to a shell operation and is resisting a takeover bid, from Royalty Pharma, another drugs investment firm, that is based in the US.

Jack Schuler says in his FT letter:

"The series of acquisition transactions that Elan has undertaken in the last month appear to be an attempt to frustrate Royalty Pharma from being able to succeed with their offer. The transactions are clearly value destructive and not in the best interest of Elan or its shareholders. The transactions were done in haste and I doubt whether there was much board analysis or consideration. In my view, Elan’s board and management has very limited experience in doing deals and I believe is not competent to run a business.

I have no confidence that Kelly Martin or the other Elan board members will act in the interests of shareholders. I hope the Elan shareholders realise that their only option is to sell the company to the highest bidder."

Finfacts: Elan: Most valuable Irish firm becomes cash/ royalty shell

Royalty Pharma on Tuesday charged  Elan with misleading shareholders over voting procedures on its $6.7bn hostile bid for the company, ahead of a deadline on today to approve a series of investments agreed by Elan to thwart the bid.

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