A Kimberly-Clark Corp. shareholder filed a proposed class action to compel its board of directors to disclose more information about its proposed $48.5 billion merger with Kenvue Inc.
The board has breached its fiduciary duties by failing to disclose how much in fees JP Morgan Chase & Co. will receive for providing financing to Kimberly-Clark for the merger, according to the complaint filed Monday in Delaware Chancery Court.
Kimberly-Clark agreed to buy struggling Tylenol-maker Kenvue in November and subsequently saw its largest stock price drop in over two decades. Kimberly-Clark will hold a meeting Jan. 29 where its shareholders will ...
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