ARTICLE | Finance

Shareholders swamp river

Shareholders force Charles River to cancel acquisition of China's WuXi

August 2, 2010 7:00 AM UTC

Even though it will cost $30 million in cash, shareholders of Charles River Laboratories International Inc. (NYSE:CRL) got their wish last week when the company succumbed to their opposition to the planned acquisition of fellow CRO WuXi PharmaTech Inc. (NYSE:WX).

Investors had wasted no time in expressing their displeasure with the deal, which would have seen Charles River pay $1.5 billion in cash and stock for WuXi. When the deal was announced on April 26, Charles River shed $6.22 (16%) to $33.55...