Fresenius Hits Akorn 'Disaster' In $4B Del. Merger Appeal
By Jeff Montgomery (December 5, 2018, 6:59 PM EST) -- Fresenius Kabi AG branded estranged merger partner Akorn Inc. "a disaster" Wednesday during a Delaware Supreme Court defense of an unprecedented Chancery Court ruling upholding termination of their $4.3 billion merger based on Akorn's alleged regulatory violations and poor performance post-signing.
Lewis R. Clayton of Paul Weiss Rifkind Wharton & Garrison LLP, counsel to Fresenius, told the justices that the first-of-its-kind "material adverse effects," or MAE, finding by the Chancery Court on Oct. 1 was justified based on Akorn's post-signing financial decline as well as intentional misconduct on the part of Akorn involving serious regulatory violations and use of fabricated data....
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