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LONDON - Morgan Stanley & Co. International plc disclosed Monday it conducted minimal trading activity in Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares, according to a regulatory filing with the Irish Takeover Panel.
The filing, made under Rule 38.5(a) of the Irish Takeover Panel Act, revealed that Morgan Stanley, acting as an exempt principal trader with recognized intermediary status, purchased and subsequently sold three ordinary shares of Avadel Pharmaceuticals on October 31. Both transactions were executed at $18.8250 per share.
The disclosure identifies Morgan Stanley as connected to Avadel Pharmaceuticals in relation to an unspecified offer or potential transaction. The filing did not provide details about the nature of any pending transaction involving Avadel.
As required by Irish takeover regulations, the disclosure confirmed there were no indemnity arrangements, agreements, or understandings relating to options or derivatives between Morgan Stanley and any other parties involved.
The minimal trading volume suggests routine market-making activity rather than significant position-building by the financial institution. Morgan Stanley made the disclosure in compliance with the Irish Takeover Panel’s requirements for connected exempt principal traders dealing in a client-serving capacity.
The information was submitted through the Regulatory Information Service of the London Stock Exchange, based on the press release statement.
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