REFILE-UPDATE 2-Delaware judge says Fresenius can walk away from $4.8 bln Akorn deal [Reuters]
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Source: Reuters
Delaware judge says Fresenius can walk away from $4.8 billion Akorn deal | Reuters 3 Min Read WILMINGTON, Del (Reuters) - Germany’s Fresenius SE ( FREG.DE ) won a rare court ruling allowing the healthcare group to walk away from its $4.75 billion takeover of Akorn Inc ( AKRX.O ), sparking a more than 50 percent fall in the U.S. generic drugmaker’s shares. Travis Laster, a judge on the Delaware Court of Chancery, ruled that Fresenius had validly terminated its merger agreement following a dramatic decline in Akorn’s business. In a surprise ruling as Delaware judges have generally held buyers to merger deals, Laster rejected Akorn’s argument that Fresenius Chief Executive Stephan Sturm suffered buyer’s remorse and directed his lawyers to construct a case to end the deal. “This is a landmark case,” said Larry Hamermesh, a professor at Delaware Law School in Wilmington, Delaware. Fresenius terminated the $34-a-share deal in April, a year after agreeing to acquire Akorn, which responde
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