Search This Blog

Monday, October 1, 2018

Akorn hit after Judge rules Fresenius can pull out of takeover


Shares of Akorn (AKRX) are sinking after Delaware Chancery Court Judge Travis Laster ruled that Fresenius (FSNUY) has proper grounds for canceling its $34 per share buyout of the generic drugmaker. The judge, in a 246-page opinion, said that Fresenius “properly exercised its rights” to withdraw from the deal, according to Bloomberg. Before being halted for news, shares of Akorn dropped 47%, or $6.08, to $6.90.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.