Will Medtronic follow Walgreen and abandon inversion in Covidien deal?
August 15, 2014 by Brad Perriello
Medtronic might elect to alter the terms of its $43 billion offer to acquire Covidien over concerns about the tax inversion aspect of the deal, Bloomberg reported today.
Citing the high price of bets on Covidien’s share price declining, the news service reported that investors worry that Medtronic will follow Walgreen’s example and abandon the inversion portion of the deal, which would see Medtronic re-incorporate as an Irish entity subject to that country’s lower corporate tax rate. Read more
ElectroCore seeks commercial partners for non-invasive headache tech
August 18, 2014 by Brad Perriello
ElectroCore said it tapped investment bank Piper Jaffray to help it court potential partners to commercialize the non-invasive vagus nerve stimulation treatment for headaches it’s developing.
The self-administered nVNS procedure is designed to treat migraine and cluster headaches, according to a press release; U.S. approval is expected in 2015, the company said. ElectroCore said it’s also working on trials for respiratory and gastric motility disorders, depression and anxiety. Read more
Allergan-Valeant update: SEC launches Ackman probe, Allergan pays up to $588M for Liris bladder drug, Ackman dangles IPO
August 14, 2014 by Brad Perriello
Hedge fund mogul William Ackman and his Pershing Square Capital Management are facing an insider trading probe by the U.S. Securities & Exchange Commission over the hostile takeover bid for Allergan by Pershing Square and Valeant Pharmaceuticals, according to news reports.
Ackman and Valeant have been pressing for months for a proxy vote to oust Allergan’s board and replace it with a roster of their own candidates who would approve the $43.7 billion merger. Allergan has alleged in a lawsuit that its unwanted suitors broke insider trading laws in pursuing the union. Read more
Activist investor battles on over ConMed as shareholders vote approaches
August 14, 2014 by Brad Perriello
A bitter war for control of ConMed is heating up as the medical device company’s annual meeting looms, with a hedge fund pressing hard to win shareholders’ votes for its board nominees.
Utica, N.Y.-based ConMed’s shareholders meeting is slated for Sept. 10. As the date approaches, ConMed is vying with Voce Capital Management over their respective board nominees. The battle over ConMed dates back to at least last November, when Voce demanded that the company take steps toward a strategic exit and end “a culture of nepotism, patronage and dystopian corporate governance.” Read more
