Jana Partners slams Charles River Labs acquisition of China’s WuXi PharmaTech

Jana Partners slams Charles River Labs acquisition

NEW YORK — Investment firm Jana Partners LLC on Thursday urged shareholders of Charles River Laboratories International Inc. to reject the company’s pending takeover of China’s WuXi PharmaTech.

Jana, which owns a little more than 7 percent of the company’s stock, according to a recent securities filing, called the deal price “unreasonable” and questioned the strategic benefits of the acquisition.

The firm also pointed to what it called a “poor track record” integrating other companies at Charles River.

The medical research equipment and services company, which is headquartered in Wilmington, Mass., announced in April that it planned to buy WuXi in a cash and stock deal worth $1.6 billion.

Jana is urging other stockholders to vote against issuing the shares needed to complete the deal.

A message left with Charles River seeking comment was not immediately returned Thursday.

Charles River shares closed down $1.90, or 5.6 percent, to $32 amid broader market losses.