Mirati (MRTX) M&A Case

The plaintiff has voluntarily dismissed the case, ending the lawsuit.

D. Delaware

Court

1:23-cv-01297

Case number

Bristol-Myers said it would acquire Mirati for $58.00 in cash per share plus $12.00 CVR. 
Before the deal, analyst targets were higher than the offered price. 
The lawsuit alleges that the proposed $MRTX sale price undervalues the company.
On October 8, 2023, Bristol-Myers Squibb announced it would acquire Mirati Therapeutics for up to $5.8 billion.  
The deal offers Mirati shareholders $58.00 in cash per share, and 
Contingent Value Right, which would grant an extra $12.00 in cash if the FDA accepts the NDA of MRTX1719 for specific treatment criteria within seven years post-merger.
Just before the proposed deal, investment banks' targets were higher than the acquisition price, analysts from Barclays forecasted $71, Leerink - $78, and Stifel - $83.

Taking all facts into account, investors have reasons to suspect that this deal underestimates $MRTX's full and fair value. 

Case Status

Voluntary Dismissed

Alleged Offence

Mismanagement,

Financial Misrepresentation,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

11/07/2023

Filing date

11/14/2023

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