Synthes sale to J&J was driven to benefit its Chairman, Hansjoerg Wyss

J&J’s Synthes deal purportedly benefited chairman (Bloomberg News)
Johnson & Johnson’s $21.3 billion buyout of Synthes Inc. shortchanged the medical-device maker’s investors while improperly benefiting its chairman, a lawyer argued in court.
Synthes Chairman Hansjoerg Wyss, the company’s controlling shareholder, engineered the J&J buyout to meet his retirement needs rather than to get the highest price for the maker of devices to treat trauma victims, Andrew Abramowitz, an attorney for two pension funds suing over the deal, told Delaware Chancery Court Judge Leo Strine on Friday.
W...