Delaware Chancery Court Vice Chancellor Myron Steele cleared the way last week for Medco Research Inc.’s shareholders to approve King Pharmaceuticals Inc.’s $342 million takeover offer for the maker of heart drugs.
Steele on Feb. 24 rebuffed a bid by the State of Wisconsin Investment Board to block the vote on the stock-for-stock offer, valued at $32.65 per share. Medco shareholders approved the offer on Feb. 25 with 5.75 million shares in favor of the merger and 2.9 million shares against.
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