In this class action, Chimicles & Tikellis LLP represented a class of shareholders of common stock of Synavant, Inc. The action alleged that directors of Synavant Inc. prematurely entered into a merger agreement with Cegedim, S.A. without fulfilling their most fiduciary obligation to conduct a full and fair sale process to ensure that the Synavant shareholders received the highest value reasonably available. The action sought to enjoin the merger and compel the Synavant directors to consider all reasonable offers. Just 3 days before the injunctive motions were scheduled to be heard, Synavant abandoned the Cegedim merger agreement, and a bidding contest between Cegedim and Dendrite International, Inc. ensued. The bidding culminated in Dendrite’s acquisition of Synavant for 40% more than would have been paid under the Cegedim Merger Agreement, yielding over $14 million in benefit to the Class. The efforts of Chimicles & Tikellis LLP were a substantial factor in prompting the auction of Synavant and in achieving this benefit for the Class.

   Friday, July 04th, 2008