WELLMAN v. DICKINSON

Nos. 78 Civ. 284, 78 Civ. 291, 78 Civ. 345, 78 Civ. 539, 78 Civ. 1025, 78 Civ. 1055 and 78 Civ. 1156 (RLC).

475 F.Supp. 783 (1979)

Arnold S. WELLMAN, Plaintiff, v. Fairleigh S. DICKINSON, et al., Defendants. Mordecai ROSENFELD, Plaintiff, v. SUN COMPANY, INC., et al., Defendants. JAY-GRO FABRICS, INC. PENSION TRUST, Plaintiff, v. SUN COMPANY, INC., et al., Defendants. BECTON, DICKINSON AND COMPANY, et al., Plaintiffs, v. SUN COMPANY, INC., et al., Defendants. Morton PUPKO, Plaintiff, v. Fairleigh S. DICKINSON, Jr., et al., Defendants. SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. SUN COMPANY, INC., et al., Defendants. Rubin POLNE, Plaintiff, v. SUN COMPANY, INC., et al., Defendants.

United States District Court, S. D. New York.

July 9, 1979.


Attorney(s) appearing for the Case

Securities and Exchange Commission, Washington, D.C. (Theodore Sonde, Charles L. Lerner, Robert B. Blackburn, Robert M. Romano, Washington, D.C., of counsel), for the Securities and Exchange Commission.

Paul, Weiss, Rifkind, Wharton & Garrison, New York City (Arthur Liman, Robert S. Smith, Jack Hassid, Susan P. Carr, Colleen McMahon, Paul B. Kertman, New York City, of counsel), for Becton, Dickinson & Co.

Parker, Auspitz, Neesemann & Delehanty, New York City (Jack C. Auspitz, Barrington D. Parker, Jr., New York City, of counsel), for other plaintiffs.

Kreindler & Kreindler, New York City (Paul Bernstein, Edward A. Grossmann, New York City, of counsel), for Jay-Gro Fabrics, Inc. Pension Trust and Lead Counsel for class plaintiffs.

Kaye, Scholer, Fierman, Hays & Handler, New York City, Wachtell, Lipton, Rosen & Katz, New York City (Peter M. Fishbein, Jay G. Strum, Vincent J. Syracuse, Harvey Belkin, Barry Willner, Jay Wishingrad, Douglas S. Liebhafsky, Peter C. Hein, New York City, of counsel), for Sun Co., Inc.

Orans, Elsen, Polstein & Naftalis, New York City (Sheldon H. Elsen, Leslie A. Lupert, Robert Polstein, Paul Summit, New York City, of counsel), for Fairleigh S. Dickinson and Ann Turner Dickinson.

Cleary, Gottlieb, Steen & Hamilton, New York City (Edmund H. Kerr, Judith Ripps, Steven E. M. Hartz, New York City, of counsel), for Salomon Bros., F. Eberstadt & Co.

Sullivan & Cromwell, New York City (Marvin Schwartz, Michael Barron, New York City, of counsel), for Chemical Fund, Inc., Surveyor Fund Inc.


OPINION

ROBERT L. CARTER, District Judge.

I

Status of the Proceedings

This litigation stems from the acquisition by Sun Company, Inc. ("Sun"), a Pennsylvania corporation whose principal business is oil and gas, of roughly 34% of the stock of Becton, Dickinson & Company ("BD"), a New Jersey corporation which manufactures health care products and medical testing and research equipment. Sun's brilliantly designed, lightning strike...

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