Klarman's Baupost Sells 2M Shares of Elan (ELN)

Seth Klarman's Baupost Group filed 8.3 paperwork on takeover target Elan (NYSE: ELN) under Irish takeover law. The hedge fund showed a 7.1 million share stake, or 1.39% of the outstanding shares. This is down from the 9.1 million share stake held at the end of the last quarter.

This morning, Royalty Pharma announced that it had withdrawn its request for a judicial review of the Irish Takeover Panel's decision requiring it to lapse its offer for Elan Corporation, plc (NYSE: ELN) if, among other things, Elan shareholders approved the Share Repurchase Program.

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