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KAHN v. TREMONT CORP.

No. 170, 1996.

694 A.2d 422 (1997)

Alan Russell KAHN, Plaintiff Below, Appellant, v. TREMONT CORPORATION, Susan E. Alderton, Richard J. Boushka, J. Landis Martin, Glenn R. Simmons, Harold C. Simmons, Michael A. Snetzer, Thomas P. Stafford, Avy H. Stein, and Valhi, Inc., Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: June 10, 1997.

Attorney(s) appearing for the Case

Norman M. Monhait and Carmella P. Keener, Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington. Of Counsel: Sidney B. Silverman, (argued), Silverman, Harnes & Harnes, New York City, for Appellant.

Jesse A. Finkelstein, Richards, Layton & Finger, Wilmington. Of Counsel: Timothy R. McCormick and Jacob Marshall, Thompson & Knight, Dallas, Texas, for Appellees Tremont Corporation, Richard J. Boushka, Thomas P. Stafford, and Avy H. Stein.

Henry N. Herndon, Jr. and Joseph C. Schoell, Morris, James, Hitchens & Williams, Wilmington. Of Counsel: Donald E. Scott (argued) and Lester C. Houtz, Bartlit, Beck, Herman, Palenchar & Scott, Denver, Colorado, for Appellees Valhi, Inc., Susan E. Alderton, J. Landis Martin, Harold C. Simmons, Glenn R. Simmons, and Michael A. Snetzer.

Before WALSH, HOLLAND, and BERGER, JJ. and RIDGELY, President Judge and QUILLEN, Judge, constituting the Court En Banc.

WALSH, Justice.

This is an appeal by a plaintiff-shareholder, Alan R. Kahn ("Kahn"), from a decision of the Court of Chancery which approved the purchase by Tremont Corporation ("Tremont") of 7.8 million shares of the Common Stock of NL Industries, Inc. ("NL"). The shares, constituting 15% of NL's outstanding stock, were purchased from Valhi, Inc. ("Valhi"), a corporation which was 90 percent owned by a trust for the family...

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