Elan can no longer be a buyout target. The introduction of yet another major pharma into the mix makes a complex situation now an effective impossibility. It's as if McLaughlin, Cooke & Martin grasped a way to prevent themselves being booted for many years of absolutely no execution. The shareholder has effectively been removed from the picture. This deal cannot be considered positive for retail shareholders.
A buyout is even less likely now because Elan is even more encumbered than before, plus they don't have alzheimers to sell anymore, and J&J would have to agree. Plus, their great search is over. The main effect of the deal is that they will mostly be out of debt. Any big move depends on tysabri.