Deals
Fresenius Wins Ruling on Canceled Buyout; Akorn Shares Fall
- Akorn shares plunge on decision by Delaware Supreme Court
- State’s top court upholds finding on ‘material adverse change’
Photographer: Tomohiro Ohsumi/Bloomberg
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Fresenius SE will be permitted to cancel its takeover of U.S. rival Akorn Inc. after the Delaware Supreme Court ruled that the rapid downturn in Akorn’s generic drug business before the deal closed was sufficient grounds for the buyer to walk away.
Shares of Akorn plunged, dropping as much as 37 percent to their lowest intraday price in more than eight years. Trading in the stock was halted for a time after the three-page ruling was issued by the appeals court.