On September 10, 2009
Sepracor Sued Over Dainippon’s Low Offer Despite Absence of Competing Suitors
Some Sepracor shareholders have sued the company’s board alleging that their acceptance of Dainippon Sumitomo’s acquisition offer of $23 a share, a premium of just 27.6 percent, isn’t such a great deal. BNET suggested this might happen on Sept. 3. Other attorneys are trawling for clients for their own securities class actions. Per Bloomberg, the suits allege: Sepracor directors “did not undertake to canvas the market prior to entering into the proposed merger and thus failed to inform themselves of the inherent fair value of the company,” lawyers for the Stationary Engineers Local 39 Pension Trust Fund said in its complaint. That’s a tough case to make, as pretty much every major U.S. pharma company has looked at Sepracor and…
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