Elan shares soar amid takeover rumours
Elan stock surged by 85c to €17.85 today as the ISEQ closed up 6.1 points at 5,592.14.
The pharmaceuticals ginat made huge gains this morning after a newspaper report that US company Biogen was considering a bid for the company.
The Sunday Tribune yesterday quoted US sources as saying that Biogen was looking at an €8.5bn all-share offer and that a deal could be struck within nine months.
However, Elan's share price fell back to its closing level during the afternoon after it advised "that it is not in negotiations ordiscussions with Biogen Idec, Inc. regarding any form of merger or business combination between the two companies".
It was a mostly downbeat day on the ISEQ as oil prices continued to surge ahead.
Financial stocks were all down today, with the biggest fall (18c) being recorded by Bank of Ireland. AIB was down 4c to €13.71, while Anglo Irish was down 15c to €15.15. Irish Life and Permanent was unchanged at €12.91 at close of business.
