The Grand Court of the Cayman Islands plans to review a controversial, $1.6 billion merger between WuXi PharmaTech (Cayman) Inc. (NYSE:WX) and Charles River Laboratories International Inc. (NYSE:CRL).
Under the law of the Cayman Islands, where WuXi is incorporated, Grand Court approval is required to consummate the deal. WuXi said the court, equivalent to the U.S. Supreme Court, is expected to say yea or nay about two weeks after the June 29 hearing.
Shareholders of both WuXi and Charles River Labs are slated to vote on the merger August 5. WuXisaid it expects the sale to close by the fourth quarter.
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The deal drew fire soon after it was announced in April, with at least three of its top investors coming out against it. Investment managers Neuberger Berman LLC and Relational Investors LLC and New York-based hedge fund Jana Partners Inc. all criticized the deal as too risky and not providing enough value for CRL shareholders.
WuXi chairman and CEO Dr. Ge Lie said in prepared remarks that his company likes the deal for its strategic upside, with stockowners receiving $11.25 in cash for each share.
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The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
