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››Chancellery rejects acceleration of prosecution of $ 6.7 billion arena merger

Chancellery rejects acceleration of prosecution of $ 6.7 billion arena merger

By Brian Rankin
January 10, 2022
16
0
By Jeff Montgomery (Jan. 10, 2022, 5:42 p.m. EST) – A Delaware vice-chancellor on Monday shot down an unsupported shareholder bid for expedited order action on a preliminary injunction to block a shareholder vote of Arena Pharmaceuticals Inc . on a $ 6.7 billion business acquisition by Pfizer Inc.

Vice-Chancellor Paul A. Fioravanti found in a four-page decision letter that the proposed collective complaint and acceleration motion – filed on January 5 on behalf of Arena shareholder Herbert Silverberg – did not show that the financial projections in a proxy statement for the agreement are materially incomplete or misleading and warrant an injunction.

“Instead, the complaint and the acceleration motion are based on the …

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