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TANZER v. INTERNATIONAL GENERAL INDUS., INC.

402 A.2d 382 (1979)

Michael D. TANZER and Deborah Tanzer, Plaintiffs, v. INTERNATIONAL GENERAL INDUSTRIES, INC., KLK Corporation, George Olmsted, Marshall M. Austin, Ervin F. Bickley, Jr., William L. Cobb, Harvey H. Fischer, Ned W. Heyward, B. Frank Taylor, Josef S. Tressler, and Kliklok Corporation, Defendants.

Court of Chancery of Delaware, New Castle.

Decided May 10, 1979.

Revised May 25, 1979.

Attorney(s) appearing for the Case

Joseph A. Rosenthal, of Morris & Rosenthal, P. A., Wilmington, and Wolf, Popper, Ross, Wolf & Jones, New York City, for plaintiffs.

Charles S. Crompton, Jr., Robert K. Payson and James F. Burnett, of Potter, Anderson & Corroon, Wilmington, and Satterlee & Stephens, New York City, for defendants.

HARTNETT, Vice Chancellor.

This action arose out of the merger of defendant — KLK Corporation ("KLK") into defendant — Kliklok Corporation ("Kliklok"). At the time of the merger defendant — International General Industries, Inc. ("I.G.I.") owned 81% of Kliklok's outstanding common stock and all of KLK's outstanding stock. Plaintiffs (the Tanzers) were also owners of stock in Kliklok and sued in this Court to prevent the merger by preliminary injunction...

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