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Another proxy advisory firm is backing the proposed, $1.6 billion merger between WuXi PharmaTech (Cayman) Inc. (NYSE:WX) and Charles River Laboratories International Inc. (NYSE:CRL), which has drawn opposition from some of CRL’s top investors.
RiskMetrics Group’s ISS Proxy Advisory Services recommended that WuXi shareholders vote for the acquisition of WuXi.
It’s been a busy week for everyone concerned with a proposed, $1.6 billion merger between Charles River Laboratories International Inc. (NYSE: CRL) and WuXi PharmaTech (Cayman) Inc. (NYSE:WX).
Aiming to counter stiff opposition from some of its top institutional investors, Charles River Labs issued a revised presentation this week highlighting the benefits of the deal and touted a proxy advisory firm’s support for the merger.
A proxy voting advisory service is recommending that shareholders approve the proposed, $1.6 billion merger of Charles River Laboratories International Inc. (NYSE:CRL) and WuXi PharmaTech (Cayman) Inc. (NYSE:WX).
PROXY Governance Inc.’s report on the deal urges shareholders to approve the issuance of stock necessary to complete the acquisition and to postpone a final vote on the deal so that CRL can drum up more proxy support.
The proposed merger between WuXi PharmaTech (Cayman) Inc. (NYSE:WX) and Charles River Laboratories International Inc. (NYSE:CRL) hit another snag after the Federal Trade Commission asked both companies for more information on the deal.
The request, detailed in a pair of regulatory filings, involves the viral clearance services, cell line characterization services and lot release testing services businesses of both companies
Looking to bolster support for its proposed, $1.6 billion merger with Shanghai-based WuXi PharmaTech (Cayman) Inc. (NYSE:WX), Charles River Laboratories International Inc. (NYSE:CRL) is mounting a public relations push to tout the deal’s merits.
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.
Two more top investors in Charles River Laboratories International Inc. (NYSE:CRL) voiced opposition to a proposed merger with WuXi PharmaTech (Cayman) Inc. (NYSE:WX), saying the deal is too risky.
Neuberger Berman LLC, in a June 16 letter to CRL’s board of directors, said the merger is not in the best interest of CRL’s shareholders and Relational Investors LLC warned the company that its directors could be forced off the board by shareholders angered at the deal.
Charles River Laboratories International Inc. (NYSE:CRL) responded to its largest shareholder’s protest about a proposed merger with Shanghai-based WuXi PharmaTech (Cayman) Inc. (NYSE:WX), saying the deal was too good to pass up.
In a letter to Jana Partners Inc. managing partner Barry Rosenstein, CRL CEO James Foster wrote that the hedge fund’s view of the proposed deal’s "strategic business benefits and attendant shareholder value proposition" are at odds with his company’s.
The largest individual shareholder of Charles River Laboratories International Inc. (NYSE:CRL) has deep reservations about the company’s proposed acquisition of WuXi (Cayman) PharmaTech Inc. (NYSE:WX) and they’re not shy letting their position be known.
Charles River Laboratories International Inc. (NYSE:CRL) didn’t let disappointing first-quarter results slow it down, inking a $1.6 billion cash-and-stock deal to acquire Shanghai-based WuXi PharmaTech (Cayman) Inc. (NYSE:WX).
The Winchester, Mass.-based contract research organization said it will keep flying the Charles River banner and trade under its CRL ticker as it boosts its offerings to cover drug development from molecule creation to first-in-human testing.
