Language included in a letter of intent cannot supersede a binding merger agreement, even if the agreement has a provision allowing portions of the LOI to survive, the Delaware Supreme Court ruled in setting aside a $250 million judgment awarded to former shareholders of medical device manufacturer Appriva Medical Inc.
The Supreme Court opinion reversed a Superior Court decision admitting the LOI as evidence in the lawsuit filed by shareholders of Appriva, a manufacturer of cardiac arrhythmia treatments, against ev3 Inc., also a medical device company. Appriva and ev3 completed a $190 million merger in 2002, according to public reports at the time of the announcement.
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