Inspire Shareholders Try To Block $430M Merck Takeover

Law360, New York (May 6, 2011, 3:20 PM EDT) -- Inspire Pharmaceuticals Inc. shareholders urged a North Carolina federal judge to block Merck & Co. Inc.’s $430 million takeover until investors are given more information about the sales process and potential conflicts in the board’s decision.

While shareholders filed a class action complaint in April, claiming Inspire cherry-picked Merck’s proposal and failed to engage in a competitive bidding process, the plaintiffs now seek an injunction to prevent the consummation of Merck’s $5 tender offer, which is slated to expire May 12.

“Plaintiffs seek to enjoin the...
To view the full article, register now.