Sunday, February 18, 2007

Fallout from Boston Scientifics Buyout of Advanced Bionics

The Boston Globe has a lengthy article about the tumult that followed Boston Scientific's 2004 purchase of Advanced Bionics. [Free registration required.]

Update: Alfred Mann wins a round in federal court, requests recission of merger with BSX.

On Tuesday, New York federal judge Alvin Hellerstein agreed with Mann and issued an injunction temporarily blocking Boston Scientific from removing Mann from his position. He said the company must first pursue the lengthy dispute resolution process outlined in the original merger contract.


After Hellerstein issued his opinion, attorneys for Mann asked the judge to consider a new option: Scrapping the merger agreement.

Because the two parties "will likely be locked in battle for years," the request said, the judge should consider voiding the deal -- a legal measure called rescission.

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