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Elan Corporation, plc Message Board

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  • acricketeer acricketeer Oct 31, 2003 7:07 AM Flag

    This makes no sense.

    They're playing the favor bank and enabling some European Institutions to get in and buy size without driving up the share price. On face value, what you say is absolutely correct and does smell like old fish. However, they also faced some pressure by having to sell off assets at lower valuations (if their backs were against the wall). Now they can sell or not sell revenue generating assets at their leisure. Antegran may also work out as planned. If that were the case, they might have sold off more assets than they could afford to lose. There may also be some covenants and market liquidity concerns which preclude selling off some of their public stock assets.
    Perhaps they didn't like the LYONS bondholders owning such a big piece of the Company and preferred the new shareholders who understood their curent situation better. I think it all boils down to a relationship business.

 
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