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.
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