Gene Sequencer's Investors Say $118M Deal Chilled Other Offers

Law360, Wilmington (October 17, 2012, 10:48 PM EDT) -- A putative class of Complete Genomics Inc. shareholders asked a Delaware state judge Wednesday to strike down provisions in the company's $118 million buyout deal that kept other offers off the table, claiming investors deserved better value and more information.

Appearing in Delaware Chancery Court, plaintiffs claimed the gene sequencing company's directors had breached their fiduciary duty by accepting a merger offer from a U.S. subsidiary of rival BGI-Shenzhen that not only was too low but included provisions that effectively ensured it could never be bettered....
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