Judge Travis Laster, in the federal court in Delaware, has ruled in favor of German group Fresenius in the litigation against Akorn’s shareholders. Fresenius has been granted consent to withdraw without paying fines from the acquisition deal with US-based Akorn, entered into in 2017 and worth $4.75bn. Fresenius has stated it is not willing to acquire Akorn, after discovering that its management had provided false information concerning the group’s financial situation in the due diligence stage. Soon after the verdict, Akorn’s managers have said themselves disappointed, adding that they will appeal against the verdict to the Supreme Court of Delaware. Akorn’s shares have immediately reacted by losing over 56% of their value (Nasdaq GS) in few minutes, taking the company’s capitalization to $713m.
(Sources: Reuters, Fresenius)