The Delaware Court of Chancery has denied a motion by shareholders of BioClinica Inc. to expedite their lawsuit against the company, holding that the company did not adopt preclusive deal protection measures when it agreed to a $123 million buyout from JLL Partners Inc. The court’s decision means that any trial will not likely start until after the merger’s expected completion date of March 11.
Vice Chancellor Sam Glasscock III issued the 17-page opinion in In re BioClinica Shareholder Litigation. BioClinica’s shareholders filed the lawsuit earlier this month, contending that the Newtown, Pa., biotechnology company’s board undervalued the corporation when it agreed to the buyout from JLL, a New York private equity company.
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