Delaware Chancery Court Vice Chancellor Myron Steele cleared the way last week for Medco Research Inc.'s shareholders to approve King Pharmaceuticals Inc.'s $342 million takeover offer for the maker of heart drugs, despite a bid by the State of Wisconsin Investment Board to block the vote on the stock-for-stock offer. The court ruled that the investment board hadn't overcome the business judgment rule, which requires the court to presume directors acted loyally and to defer to the discretion of the board.
March 07, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Delaware Chancery Court Vice Chancellor Myron Steele cleared the way last week for Medco Research Inc.’s shareholders to approve King Pharmaceuticals Inc.’s $342 million takeover offer for the maker of heart drugs.
Steele on Feb. 24 rebuffed a bid by the State of Wisconsin Investment Board to block the vote on the stock-for-stock offer, valued at $32.65 per share. Medco shareholders approved the offer on Feb. 25 with 5.75 million shares in favor of the merger and 2.9 million shares against.
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