GELCO CORP. v. CONISTON PARTNERS

Nos. 86-2399, 86-5418, 86-5420 and 86-5421.

811 F.2d 414 (1987)

GELCO CORPORATION, Appellee, The State of Minnesota by Hubert H. Humphrey, III, its Attorney General, v. CONISTON PARTNERS; GEL Associates; Paul E. Tierney; Keith R. Gollust; Augustus K. Oliver; Gollust, Tierney and Oliver, Inc.; and GEL Acquisition Corporation, Appellants, Cubit Corporation, Intervenor in District Court, v. GELCO CORPORATION; Samuel D. Addoms; Neil E. Goldschmidt; Harold I. Grossman; Michael J. Morris; Clarence W. Spangle; Jaye F. Dyer; William F. Foss; Andrew C. Grossman; Mark H. Willes; Jack J. Crocker; N. Bud Grossman; M.D. McVay; Sam Singer, Appellees, and The State of Minnesota by Hubert H. Humphrey, III, its Attorney General. GELCO CORPORATION, The State of Minnesota, by Hubert H. Humphrey, III, its Attorney General, Appellants, v. CONISTON PARTNERS; GEL Associates; Paul E. Tierney; Keith R. Gollust; Augustus K. Oliver; Gollust, Tierney and Oliver, Inc., Appellees, Cubit Corporation, Appellee, v. GELCO CORPORATION; Samuel D. Addoms; Neil E. Goldschmidt; Harold I. Grossman; Michael J. Morris; Clarence W. Spangle; Jaye F. Dyer; William F. Foss; Andrew C. Grossman; Mark H. Willes; Jack J. Crocker; N. Bud Grossman; M.D. McVay; Sam Singer; and The State of Minnesota by Hubert H. Humphrey, III, its Attorney General. GELCO CORPORATION, Appellant, The State of Minnesota by Hubert H. Humphrey, III, its Attorney General, v. CONISTON PARTNERS; GEL Associates; Paul E. Tierney; Keith R. Gollust; Augustus K. Oliver; Gollust, Tierney and Oliver, Inc., Appellees, GEL Acquisition Corp., Appellee, Cubit Corporation, v. GELCO CORPORATION; Samuel D. Addoms; Neil E. Goldschmidt; Harold I. Grossman; Michael J. Morris; Clarence W. Spangle; Jaye F. Dyer; William F. Foss; Andrew; C. Grossman; Mark H. Willes; Jack J. Crocker; N. Bud Grossman; M.D. McVay; Sam Singer; and The State of Minnesota by Hubert H. Humphrey, III, its Attorney General. GELCO CORPORATION; and The State of Minnesota by Hubert H. Humphrey, III, its Attorney General, Appellees, v. CONISTON PARTNERS; GEL Associates; Paul E. Tierney; Keith R. Gollust; Augustus K. Oliver; Gollust, Tierney and Oliver, Inc., GEL Acquisition Corporation, Cubit Corporation, Appellant, v. GELCO CORPORATION; Samuel D. Addoms; Neil E. Goldschmidt; Harold L. Grossman; Michael J. Morris; Clarence W. Spangle; Jaye F. Dyer; William F. Foss; Andrew C. Grossman; Mark H. Willes; Jack J. Crocker; N. Bud Grossman; M.D. McVay; Sam Singer; and The State of Minnesota by Hubert H. Humphrey, III, its Attorney General.

United States Court of Appeals, Eighth Circuit.

Decided February 4, 1987.


Attorney(s) appearing for the Case

Alexander R. Sussman, John Sullivan, Sandra F. Coppola, New York City, George F. McGunnigle, Minneapolis, Minn., H. Kent Munson, Andrew F. Puzder, St. Louis, Mo., for Gelco Corp.

Alan I. Gilbert, Barry R. Greller, St. Paul, Minn., for State of Minn.

Dennis J. Block, Irvin H. Warren, New York City, for Coniston Partners.

Gregory L. Wilmes, Minneapolis, Minn., for Cubit Corp.

Before JOHN R. GIBSON, FAGG, and MAGILL, Circuit Judges.


JOHN R. GIBSON, Circuit Judge.

These appeals stem from a battle for control of Gelco Corporation between Gelco's incumbent management and Coniston Partners. Incidents of this struggle included the Gelco board's creation of a Poison Pill, Gelco's self-tender offer, Coniston's acquisition of Gelco stock, and Coniston's tender offer for all of Gelco's outstanding shares. Coniston1 argues that the district court2

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