Orthovita Shareholders Sue Over $316M Stryker Deal

Law360, New York (May 31, 2011, 9:17 PM EDT) -- A putative class of Orthovita Inc. shareholders sued the company's board of directors Friday in Pennsylvania state court seeking to stop a proposed $316 million buyout by Stryker Corp.

Investors called the $3.85 per-share proposed purchase price "grossly inadequate" and accused the board of directors of breaching their fiduciary duties to Orthovita shareholders, according to the complaint. The plaintiffs, led by shareholder Andrew Thorn, are asking the court to stop the acquisition and force Orthovita's board of directors to seek another transaction that is in the...
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