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Royal Numico/Rexall

This article was originally published in The Tan Sheet

Executive Summary

Firms settle class action litigation with shareholders seeking to enjoin Rexall directors from proceeding with the merger (1"The Tan Sheet" May 8, pp. 3-4). The agreement calls for the firms to lower the maximum fee and expenses reimbursement payable by Rexall to Royal Numico in the event the merger falls through to $60 mil. from $79 mil., provide Rexall shareholders with appraisal rights related to the merger and confirm to stockholders the absence of any inquiries by third parties concerning possibly buying Rexall. Numico and Rexall have denied wrongdoing in the case, saying they entered into the settlement to avoid the expense and distraction of continued litigation

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