Perrigo Completes Elan Acquisition

(RTTNews) - Perrigo Company plc (PRGO) said Wednesday that it has completed the acquisition of Elan Corp., plc (ELN) in a cash and stock deal valued on the date of the announcement at about US$8.6 billion. In connection with the acquisition, Perrigo Company and Elan have been combined under a new company incorporated in Ireland and have adopted the global name Perrigo Company plc. Shares of Perrigo will trade on the New York Stock Exchange and the Tel Aviv Stock Exchange under the ticker symbol PRGO.

Perrigo continues to expect the deal to be more than $0.10 accretive to its non-GAAP earnings per share in fiscal 2014, including anticipated after-tax operational synergies, related cost reductions and tax savings greater than $150 million.

Perrigo also announced the appointment of its Board of Directors, effective until Perrigo Company's annual general meeting scheduled for November 2014.

Joseph Papa, President and CEO of Perrigo Company plc, has been named Chairman of the Board. Gary Kunkle, Jr. has been named Lead Independent Director.

Papa will lead an 11-member Board comprised of all of the former members of the Perrigo Company Board of Directors.