April 23, 2018 / 9:29 AM / a year ago

Fresenius says will not renegotiate after cancelling Akorn deal

Fresenius headquarters in Bad Homburg near Frankfurt, Germany, February 27, 2018. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - Fresenius (FREG.DE) said on Monday it would not seek to take over Akorn (AKRX.O) at more favorable terms, after it terminated the agreement to acquire the U.S. generic drugmaker on Sunday.

“It is not our intention to renegotiate the merger agreement with Akorn,” a spokesman said.

Shares in Fresenius gained on Monday after it pulled out of the planned $4.75 billion acquisition of Akorn, citing evidence of misconduct in the target company’s reporting obligations to U.S. healthcare regulators.

“Our findings do not allow for any other conclusion than to cancel,” the spokesman said on Monday.

Berenberg analysts in a report on Monday discussed the possibility of Fresenius seeking a lower takeover price, saying it could not be ruled out entirely.

“The announcement will create speculation about whether this really is the end of the deal, or simply an opening salvo, albeit a somewhat aggressive one, in an attempt to secure Akorn at a much lower price,” Berenberg analyst Tom Jones said.

Reporting by Ludwig Burger; Editing by Maria Sheahan

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