Fairness Opinion | Financial Advisor

Duff & Phelps Provided a Fairness Opinion to Elanco in Connection with its Agreement to Acquire Bayer's Animal Health Business

Elanco
/-/media/assets/images/transactions/2019/elanco.png

has entered into an agreement to acquire

Bayer Animal Health
2019-08-22T04:00:00.0000000

Connect with us

Christopher Janssen
Chris Janssen
Managing Director and Global Head of Transaction Opinions
Fairness and Solvency Opinions
Chicago
Phone
Bob Bartell
Robert A. Bartell, CFA
President, Corporate Finance
Corporate Finance and Restructuring
Chicago
Phone
Andreas Stoecklin
Andreas Stoecklin
Country Head Germany and Head of Corporate Finance, EMEA
Frankfurt
Phone
Chris Swiecicki is a director at Duff & Phelps.
Chris Swiecicki
Managing Director
Fairness and Solvency Opinions
Chicago
Phone

In August 2019, Elanco Animal Health Incorporated (NYSE: ELAN) entered into an agreement with Bayer AG (ETR: BAYN) to acquire its animal health business in a transaction valued at US$7.6 billion. The transaction is expected to close in mid-2020, subject to regulatory approvals and other customary closing conditions.

Duff & Phelps served as financial advisor to the board of directors of Elanco and provided a fairness opinion in connection with the transaction.              
 
About Elanco
Elanco (NYSE: ELAN) is a global animal health company that develops products and knowledge services to prevent and treat disease in food animals and pets in more than 90 countries. With a 65-year heritage, we rigorously innovate to improve the health of animals and benefit our customers, while fostering an inclusive, cause-driven culture for more than 5,800 employees. At Elanco, we’re driven by our vision of food and companionship enriching life — all to advance the health of animals, people and the planet. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Hengeler Mueller acted as legal counsel to Elanco. 

About Bayer

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2018, the Group employed around 117,000 people and had sales of 39.6 billion euros. Capital expenditures amounted to 2.6 billion euros, R&D expenses to 5.2 billion euros.


{1F8452CE-BB02-4541-A705-86D25933687E} {22071366-6F45-4C04-8261-CDFA24749510} {A60877A4-2248-456C-B8DE-728B8C4124FC} {612AFC91-99B8-46FE-AEAF-8C0F5DE0126A} {170088C8-830B-4C38-BC1D-E375A677EEDC} {CA601B88-1E91-4803-A6A4-ECC35D220DCC} {69686C52-C3A5-4F48-97D8-5546105882C4} {4C5A8982-398E-4460-A547-03A9284CDC27} {C6E677F2-B5B4-485D-AA0E-9FBAA922A793} {2DEEE4D2-8278-4C50-B3FF-1563BB257804} /en/transactions/m-and-a/fairness-opinion-elanco case study

Stay Ahead with Kroll

Corporate Finance and Restructuring

Middle Market M&A, Strategic Advisory, Debt Advisory and Private Capital Markets, Restructuring and Insolvency Services, Financial Due Diligence, Fairness Opinions, Solvency Opinions and ESOP/ERISA Advisory

Mergers and Acquisitions (M&A) Advisory

Kroll’s investment banking practice has extensive experience in M&A deal strategy and structuring, capital raising, transaction advisory services and financial sponsor coverage. Duff & Phelps acquired Kroll in 2018 and unified under the Kroll brand in 2020.

Transaction Advisory Services

Kroll’s Transaction Advisory Services platform offers corporate and financial investors with deep accounting and technical expertise, commercial knowledge, industry insight and seamless analytical services throughout the deal continuum. Duff & Phelps acquired Kroll in 2018 and unified under the Kroll brand in 2020.

Financial Sponsors Group

Dedicated coverage and access to M&A deal-flow for financial sponsors. In 2018, Duff & Phelps acquired Kroll and unified under the Kroll brand in 2020.

Private Capital Markets – Debt Advisory

Kroll has extensive experience raising capital for middle-market companies to support a wide range of transactions. Duff & Phelps acquired Kroll in 2018 and unified under the Kroll brand in 2020.

Fairness and Solvency Opinions

Duff & Phelps Opinions is a global leader in Fairness Opinions and Special Committee Advisory, ranking #1 for total number of U.S. and global fairness opinions over the past 10 years, according to Refinitiv cumulative data from 2013-2022.

Valuation

Valuation of businesses, assets and alternative investments for financial reporting, tax and other purposes.

Tax Services

Built upon the foundation of its renowned valuation business, Kroll's Tax Service practice follows a detailed and responsive approach to capturing value for clients.