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Perrigo-Elan Deal Takes A Step Forward With Irish High Court Approval

ALLEGAN (WWJ) -- Allegan-based Perrigo Co. (NYSE:PRGO) and Ireland's Elan Corp. plc (NYSE:ELN) Friday announced that the Irish High Court has approved Perrigo's pending acquisition of Elan.

As first announced July 28, Perrigo has agreed to acquire Elan by forming a new Irish holding company, Perrigo Co. plc. At the end of the transaction, both today's Perrigo Co. and Elan Corp. plc will be subsidiaries of Perrigo Co. plc.

Perrigo said it has now obtained all regulatory approvals required to complete the transaction. The closing is expected to occur Dec. 18.

Based on that schedule, Perrigo said its stock will continue to trade on the New York Stock Exchange until the close of business Dec. 18 and until 4:30 p.m. local time (9:30 Eastern time) Dec. 19 on the Tel Aviv Stock Exchange. Trading of Elan shares will continue on the New York Stock Exchange until the end of the day Dec. 18. The delisting of Elan ordinary shares from the Irish Stock Exchange and of the Elan American Depositary Shares from the New York Stock Exchange will be effective following the close of trading in those respective markets Dec. 18.

The shares of Perrigo Co. plc are expected to commence trading under the ticker symbol "PRGO" on the New York Stock Exchange Dec. 19 and on the Tel Aviv Stock Exchange Dec. 22.

Perrigo was founded as a packager of generic home remedies in 1887. It is now thte world's largest manufacturer of over-the-counter pharmaceutical products for the store brand market. It develops, manufactures and distributes over-the-counter and generic prescription pharmaceuticals, nutritional products and active pharmaceutical ingredients. It operates in the United States, United Kingdom, Mexico, Israel, Australia, Canada, China and Latin America.

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