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Biotech / Medical : MedImmune
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To: sim1 who wrote (407)6/1/2007 3:28:58 AM
From: sim1   of 416
 
Court dismisses attempt to hold up MedImmune merger
Thursday May 31, 5:41 pm ET

The Montgomery County Circuit Court dismissed a temporary restraining order that would have stayed the MedImmune-AstraZeneca merger until June 15.

The court on Thursday denied a motion by MedImmune Inc. shareholder Chris Larson, who filed a lawsuit against the company April 25. The suit claims the Gaithersburg company failed to disclose necessary financial information that could have led to a better offer than the current deal, which the suit alleged benefits its executives more than its stockholders.

MedImmune (NASDAQ: MEDI - News), whose board has agreed to sell the company to U.K.-based AstraZeneca PLC (NYSE: AZN - News) for $15.6 billion, said the lawsuit is "without merit" and won't affect the deal's progress.

The Federal Trade Commission signed off on the deal May 30, saying it doesn't violate antitrust regulations. The companies have given MedImmune shareholders until midnight Thursday to tender a majority of their shares.

Since MedImmune announced the deal April 23, two shareholders have filed lawsuits against the company and its leaders, accusing them of self-dealing and failing to reveal necessary financial information to shareholders.

Published May 31, 2007 by the Washington Business Journal
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