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MarketScreener Homepage  >  Equities  >  Xetra  >  Fresenius SE & Co. KGaA    FRE   DE0005785604

FRESENIUS SE & CO. KGAA

(FRE)
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Delaware Supreme Court Upholds Ruling Allowing Fresenius to End Akorn Deal

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12/07/2018 | 11:40am EDT

By Colin Kellaher

The Delaware Supreme Court on Friday said German health-care company Fresenius can walk away from its $4.3 billion deal buy generic-drug maker Akorn, sending Akorn shares down more than 30%.

Fresenius in April said it was terminating the deal, struck a year earlier, because Akorn hadn't fulfilled several closing conditions and because it found material breaches of Food and Drug Administration data-integrity requirements relating to Akorn's operations during its independent investigation.

Akorn sued Fresenius seeking to enforce the deal, but a Delaware Chancery Court upheld the termination. Akorn appealed the ruling, arguing that the court erred in several ways.

However, the Delaware Supreme Court on Friday said the record supports the lower court's finding that Akorn "had suffered a material adverse effect...that excused any obligation on Fresenius's part to close," and that Fresenius had properly terminated the merger.

Shares of Akorn fell 33.8% in Friday morning trading to $3.70, some 89% below the $34 a share Fresenius has agreed to pay for the company.

Write to Colin Kellaher at colin.kellaher@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
AKORN, INC. -2.47% 4.34 Delayed Quote.31.27%
FRESENIUS SE & CO. KGAA 0.69% 46.8 Delayed Quote.10.43%
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Financials (EUR)
Sales 2019 35 378 M
EBIT 2019 4 639 M
Net income 2019 1 886 M
Debt 2019 19 905 M
Yield 2019 1,72%
P/E ratio 2019 13,8x
P/E ratio 2020 12,9x
EV / Sales2019 1,30x
EV / Sales2020 1,20x
Capitalization 26 086 M
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Technical analysis trends FRESENIUS SE & CO. KGAA
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 56,6  €
Last Close Price 46,9  €
Spread / Highest target 51,3%
Spread / Average Target 20,7%
Spread / Lowest Target -30,8%
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Managers
NameTitle
Stephan Sturm President & Chief Executive Officer
Gerd Krick Chairman-Supervisory Board
Rachel Clare Empey Chief Financial Officer
Niko Stumpfögger Deputy Chairman-Supervisory Board
Klaus-Peter Müller Member-Supervisory Board
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