Shareholders Seek To Block Millennium Takeover

Law360, New York (April 16, 2008, 12:00 AM EDT) -- Millennium Pharmaceuticals Inc. has been hit with a purported shareholder class action seeking to block Takeda Pharmaceutical Co. Ltd.'s $8.8 billion buyout of the company, Millennium said Wednesday.

The lawsuit was filed April 10 in Massachusetts state court, the same day the deal was announced, Millennium said in filing with the U.S. Securities and Exchange Commission. The complaint alleges the acquisition was based on a “flawed sales process,” and claims that the price Takeda has agreed to pay for the company is “grossly inadequate.”

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