Kensey Nash Corporation (KNSY) Sued by Investor Over $360 Million Royal DSM Bid
5/11/2012 8:54:35 AM
Kensey Nash Corp. (KNSY), a maker of absorbable cardiac medical devices, was sued by a stockholder contending investors will be shortchanged in a planned $360 million bid from Royal DSM NA. (DSM) Directors of Exton, Pennsylvania-based Kensey Nash have a duty to get the best price for the shares and haven’t complied with that responsibility, investor Hilary Coyne said in court papers made public today in Delaware Chancery Court in Wilmington. “The buyout is a product of a flawed process that is designed to ensure the sale of Kensey Nash to DSM on terms preferential to DSM, but detrimental” to shareholders, lawyers for Coyne said in court papers.