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Akorn, Inc. (NASDAQ:AKRX) Investor Lawsuit Against Takeover By Fresenius Kabi Filed

  • If you purchased shares of Akorn, Inc. (NASDAQ:AKRX), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Akorn, Inc.
Security
NASDAQ: AKRX

Case Name
Akorn Deal Case 05/25/2017
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the Northern District of Illinois

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Summary

July 14, 2017 - The case was voluntarily dismissed.

May 25, 2017 (Shareholders Foundation) - An investor, who currently holds shares of Akorn, Inc. (NASDAQ:AKRX), filed a lawsuit in effort to halt the proposed takeover of Akorn, Inc. by Fresenius Kabi. The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: AKRX stockholders by agreeing to sell Akorn, Inc. cheaply via an unfair process to Fresenius Kabi On April 24, 2017, Fresenius Kabi has agreed to acquire Akorn (NASDAQ: AKRX) for approximately $4.3 billion, or $34.00 a share, plus the assumption of approximately $450 million of debt1.

The transaction is expected to close by early 2018 and to be accretive in 2018 to Fresenius Group net income and EPS, excluding integration costs.

However, plaintiff claims that the proposed consideration plaintiff claims that the proposed consideration NASDAQ:SALE shareholders will receive is grossly inadequate and undervalues Akorn, Inc. Akorn, Inc. reported that its annual Total Revenue rose from $985.08 million in 2015 to over $1.11 billion in 2016 and that its Net Income increased from $150.80 million in 2015 to $184.24 million in 2016. Shares of Akorn, Inc. (NASDAQ:AKRX ) reached in April 2015 as high as $55.24 per share.

In addition, the plaintiff alleges that the process is also unfair NASDAQ:AKRX stockholders. The plaintiff claims that the defendants agreed to preclusive deal protection devices, such as a no solicitation and a $129 million termination fee provision, that deter other bidders from making a superior offer for Akorn Inc.