Alcon Forms $50M Trust For Novartis Shareholder Suits

Law360, New York (July 8, 2010, 3:38 PM EDT) -- Alcon Inc.’s independent director committee has established a $50 million litigation trust in a move that aims to turn up the heat on Novartis AG to raise its offer for the rest of the eye care company’s shares.

The trust will provide funds to commence, defend and maintain litigation relating to any transaction between Alcon and a majority shareholder, including Novartis, and is intended to make sure Alcon’s minority shareholders receive the best offer from the Swiss drug giant, the committee said Thursday.

Novartis agreed to...
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