J&J Closes Acquisition After Injunction Is Denied

Law360, New York (February 6, 2007, 12:00 AM EST) -- Johnson & Johnson has closed its $1.4 billion acquisition of Conor Medsystems after a judge denied a Conor shareholder’s request for a preliminary injunction to block the merger.

Conor shareholder Capital Trading Co. alleged that a proxy statement for the vote omitted several facts involving conflicts of interest in the board of directors and biased bidding procedures. Capital Trading claimed that shareholders should have known these facts before voting on the merger.

However, San Mateo Superior Court Judge Carol Mittlesteadt ruled on Jan. 30 that Capital...
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