PRA Health Services Sued over Merger with ICON : vimarsana.c

PRA Health Services Sued over Merger with ICON


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13 hours ago
Michael Birdsall filed suit against PRA Health Sciences, Inc. and its Board of Directors over claims that the company had provided misleading information to its shareholders regarding their merger with Ireland-based pharmaceutical company ICON on Tuesday. 
Specifically, Birdsall argued the leading global contract research organization and its Board of Directors are violating the Securities Exchange Act of 1934 and the United State Securities and Exchange Commission Rule by authorizing “the filing of a materially incomplete and misleading Definitive Proxy Statement with the (U.S. Securities and Exchange Commission).”
PRA’s merger with ICON will result in ICON being the surviving company. Upon approval of the merger, PRA shareholders are set to receive $80 in cash and 0.4125 shares of ICON stock for each share of PRA stock they have. This sets the comprehensive value of the PRA stock at about $166.06 as of the day before the merger was announced. When providing this information to their shareholders, the plaintiff claimed the goal of the PRA Board of Directors was to mislead shareholders in order to convince them to approve the transaction.

Related Keywords

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