A Covance Inc. (CVD) investor contends in a lawsuit that the drug-testing company’s board erred in relying on what the shareholder called Goldman Sachs Group Inc. (GS)’s conflict-tainted advice in accepting a $6.1 billion takeover offer from Laboratory Corp. of America Holdings.
Covance’s directors shouldn’t have hired Goldman Sachs as its financial adviser for LabCorp’s more than $105-a-share offer because the investment firm already represented another company Covance was considering acquiring, the investor said in a Delaware Chancery Court lawsuit. That created a conflict of interest, the shareholder alleged.
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