Covidien's Purchase Of Aspect Spurs Shareholder Suit

Law360, New York (October 15, 2009, 7:08 PM EDT) -- Aspect Medical Systems Inc. — which Covidien agreed to acquire last month for $210 million — has been hit with a proposed shareholder class action alleging that the brain-monitoring technology company and its board breached their fiduciary duty by not getting a better price for the company, and that Covidien aided the breach.

The suit, filed Tuesday in the Court of Chancery of the State of Delaware, claims that the $12 per share price Covidien has offered to pay for Aspect is “unfair and grossly inadequate”...
To view the full article, register now.