Analysis

$4.8B Akorn Ruling More Outlier Than Shift At Chancery

Law360 (October 15, 2018, 7:42 PM EDT) -- An unprecedented Delaware Chancery Court finding that Fresenius Kabi AG can terminate a $4.8 billion merger with Akorn Inc. earlier this month appears to be more of a deal outlier than a change in court direction on merger-killing adverse event clauses, some attorneys say.

Vice Chancellor J. Travis Laster's material adverse event, or MAE, rulings — still subject to an expected state Supreme Court appeal — found a termination right for Fresenius on Oct. 1, based on false or inaccurate representations about generic pharmaceutical manufacturer Akorn's conduct and regulatory compliance.

The court also concluded that Fresenius, a global drug and health...

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