Cephalon Investor Sues Over $5.7B Valeant Bid Rebuff

Law360, New York (March 31, 2011, 8:17 PM EDT) -- A Cephalon Inc. shareholder lodged a proposed class action Thursday in Delaware seeking to force the drugmaker’s board to engage Valeant Pharmaceuticals International Inc. in its $5.7 billion buyout offer.

Cephalon’s directors failed to put forth even a minimum effort to evaluate the offer, breaching their fiduciary duty to shareholders in the process, according to a complaint filed by Robert M. Kaczak in the Delaware Court of Chancery.

“At each turn the Cephalon board demonstrated its complete lack of interest in a proposed transaction and refused...
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