Inhibitex Investor Sues To Block $2.5B Bristol-Myers Deal

Law360, Wilmington (January 12, 2012, 3:50 PM EST) -- An Inhibitex Inc. shareholder launched a class action in Delaware state court on Wednesday challenging Bristol-Myers Squibb Co.'s $2.5 billion bid to acquire the biopharmaceutical company and its clinical-stage hepatitis C drug, despite the offer’s hefty premium.

The two companies announced the $26-per-share merger agreement on Jan. 7 — an offer well over double Inhibitex’s closing price of $9.87 on the previous trading day.

But in a suit filed in Delaware Chancery Court, shareholder Charles Osborne alleged that the price still did not represent Inhibitex’s true...
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