Inspire Investor Challenges $430M Merck Deal

Law360, New York (April 12, 2011, 5:30 PM EDT) -- A shareholder slapped Inspire Pharmaceuticals Inc. with a class action in Delaware on Monday, claiming a proposed $430 million sale to Merck & Co. Inc. undervalues the company.

Named plaintiff Anthony S. Luttenberger filed the suit in the Court of Chancery of the State of Delaware on behalf of Inspire shareholders who say the deal came about “by means of an unfair process and for an unfair price.”

Under the terms of the agreement, announced April 5, Merck offered to buy all of Inspire’s outstanding common...
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