Interventional device firm ev3 of Plymouth, MN, has agreed to settle shareholder lawsuits aimed at blocking the company's $2.6 billion buyout by healthcare technology firm Covidien of Dublin, Ireland.
The lawsuits, filed in the Hennepin County District Court for Minnesota and Delaware's Court of Chancery, alleged that ev3 breached its fiduciary duties in approving the proposed acquisition and failing to disclose how it evaluated Covidien's offer of $22.50 per share.
Under terms of the settlements, ev3 will disclose additional information about the offer, including why the company hired investment firm J.P. Morgan Securities and how J.P. Morgan evaluated the deal. Covidien's tender offer is scheduled to expire at midnight Eastern Standard Time on July 9.
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