Medicis Investor Sues To Halt $2.6B Valeant Buyout

Law360, Wilmington (September 12, 2012, 6:19 PM EDT) -- A Medicis Pharmaceutical Corp. shareholder launched a class action on Tuesday challenging Valeant Pharmaceuticals International Inc.'s $2.6 billion bid for the dermatological drugmaker, saying the deal shortchanges investors.

Canada-based Valeant's $44 per share offer attempts to capitalize on a lull in Medicis' share price and performance due to "unwarranted media attention" surrounding Medicis CEO Jonah Shacknai, according to a suit filed in Delaware Chancery Court by Susan Omohundro-Wood.

In July 2011, Shacknai’s son died after falling down the stairs at the CEO’s San Diego-area mansion.  The...
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