Judge Kills Shareholder Suit Over J&J's $20B Synthes Buyout

Law360, Wilmington (August 20, 2012, 3:29 PM EDT) -- A Delaware judge on Friday dismissed a class action brought by Synthes Inc. shareholders claiming the company's board and CEO gave minority investors the shaft by agreeing to Johnson & Johnson's $19.7 billion buyout of the orthopedics company.

J&J closed the cash-and-stock deal in June, but the shareholders continued to pursue damages for breach of fiduciary duty in Delaware Chancery Court, claiming the board eschewed a better offer from a private equity group to suit the personal interests of Synthes CEO and controlling stockholder Hansjoerg Wyss....
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