Orthovita shareholders are suing to prevent the company's proposed $316 million merger with Stryker, according to court documents.
Led by Andrew Thorn, the stockholders claim that the two companies and Orthovita's board are breaching fiduciary duty by agreeing to the merger. Stryker made a tender offer of $385 per share in cash for Orthovita, which closed at $2.73 per share when the deal was announced.
The shareholders maintain that the company was sold at an unfair price through an unfair process.
Read the court documents about the suit against Orthovita's sale to Stryker.
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Led by Andrew Thorn, the stockholders claim that the two companies and Orthovita's board are breaching fiduciary duty by agreeing to the merger. Stryker made a tender offer of $385 per share in cash for Orthovita, which closed at $2.73 per share when the deal was announced.
The shareholders maintain that the company was sold at an unfair price through an unfair process.
Read the court documents about the suit against Orthovita's sale to Stryker.
Related Articles on Stryker:
Stryker Launches Two Orthopedic Surgeon iPad Applications
Stryker Reports Flat Q1 Hip and Knee Sales, Increase in Spine
Stryker Receives FDA 510(k) Clearance for Mobile Bearing Hip System