Johnson & Johnson announces sale of Elan American Depositary Shares to Elan
Posted: 19 April 2013 | | No comments yet
Janssen will receive $11.25 per ADS which will result in an after-tax gain of approximately $213m…
Johnson & Johnson (NYSE: JNJ) today announced the sale to Elan Corporation, plc of approximately 82 million American Depositary Shares (ADS) of Elan held by Janssen Pharmaceutical (Janssen), an affiliate of Johnson & Johnson. This sale took place in accordance with the “Dutch Auction” tender offer commenced by Elan on March 11, 2013. The aggregate proceeds are expected to be received on or before April 30, 2013.
Janssen will receive $11.25 per ADS which will result in an after-tax gain of approximately $213 million and will be recorded by Johnson & Johnson in the second quarter. The Company expects to invest this gain in the business. It is not expected to impact earnings per share guidance for full-year 2013 which was previously announced on April 16, 2013.
