[Download] "City Capital Associates Limited" by New Castle Court of Chancery of Delaware " eBook PDF Kindle ePub Free
eBook details
- Title: City Capital Associates Limited
- Author : New Castle Court of Chancery of Delaware
- Release Date : January 01, 1988
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 78 KB
Description
MEMORANDUM OPINION This case, before the court on an application for a preliminary injunction, involves the question whether the directors of
Interco Corporation are breaching their fiduciary duties to the stockholders of that company in failing to now redeem certain
stock rights originally distributed as part of a defense against unsolicited attempts to take control of the company. In electing
to leave Interco's "poison pill" in effect, the board of Interco seeks to defeat a tender offer for all of the shares of
Interco for $74 per share cash, extended by plaintiff Cardinal Acquisition Corporation. The $74 offer is for all shares and
the offeror expresses an intent to do a back-end merger at the same price promptly if its offer is accepted. Thus, plaintiffs'
offer must be regarded as noncoercive.