Elan/Medeva Deal Would Be Elan's Fifth Major Buy In Two Years
Speculation on an impending offer for Medeva by Elan derives credence from the Irish firm's acquisitiveness during the past two years. Medeva would be the fifth major deal for Elan in two years.
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Discussions of a cash offer for the firm "have now been terminated," Medeva announced Sept. 17. "The proposal received turned out to be at an opportunistic price which the board [of Medeva], advised by Lazard Brothers, had no hesitation in rejecting." Elan had been rumored to be the suitor (1"The Pink Sheet" Sept. 13, p. 4). At a Bear Stearns conference Sept. 15, Elan Exec VP-Business Development Michael Sember said that after several sizeable acquisitions in 1998, the company has been in a "breathing period...focusing on integrating these business units"
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