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Eli Lilly: Elanco Exchange Offer Oversubscribed - Quick Facts

(RTTNews) - Eli Lilly and Company (LLY) announced that, based on preliminary results, its offer for shareholders to exchange their shares of Lilly common stock for shares of Elanco Animal Health Incorporated (ELAN) owned by Lilly was oversubscribed.

The company said, 492,109,007 shares of Lilly common stock were validly tendered and not validly withdrawn, including 179,675,890 shares that were tendered by notice of guaranteed delivery. On March 11, Lilly intends to accept 65,000,775 of the tendered shares in exchange for the 293.29 million shares of Elanco common stock owned by Lilly.

Eli Lilly noted that because the exchange offer was oversubscribed, the company is accepting only a portion of the shares of its common stock that were validly tendered and not validly withdrawn, on a pro rata basis in proportion to the number of shares tendered. The shares of Lilly common stock tendered but not accepted for exchange will be returned to the tendering shareholders in book-entry form promptly. It is estimated that approximately 13.2 percent of the tendered shares of Lilly common stock will be exchanged.

Reflecting the exchange of 65.0 million shares of Lilly's outstanding common stock, the company currently estimates full year 2019 weighted-average diluted shares outstanding to be approximately 938 million for GAAP earnings per share and 924 million for non-GAAP earnings per share. Lilly said it will provide updated GAAP and non-GAAP financial guidance in its first quarter earnings announcement scheduled for April 30, 2019.
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