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GM SUB CORP. v. LIGGETT GROUP INC.

415 A.2d 473 (1980)

GM SUB CORPORATION, Defendant, Appellant, v. LIGGETT GROUP INC., Plaintiff, Appellee.

Supreme Court of Delaware.

Decided April 30, 1980.

Attorney(s) appearing for the Case

R. Franklin Balotti (argued), Wendell Fenton and Donald A. Bussard of Richards, Layton & Finger, Wilmington and John L. Warden, D. Stuart Meiklejohn and Garrard R. Beeney of Sullivan & Cromwell, New York City, of counsel; for defendant-appellant.

Rodman Ward, Jr. (argued), Edward P. Welch and Carolyn Berger, Wilmington and Stuart L. Shapiro of Skadden, Arps, Slate, Meagher & Flom, New York City, for plaintiff-appellee.

John X. Denney, Jr., Asst. U.S. Atty., Robert C. Pozen, Associate Gen. Counsel, Stephen P. Lamb, Sp. Counsel, Washington, D.C. (argued); James J. Junewicz and David C. Wilson, New York City and Paul Gonson, Sol., Washington, D.C., and of counsel, for the Securities and Exchange Commission, amicus curiae.

Before DUFFY, QUILLEN and HORSEY, JJ.

DUFFY, Justice.

The crucial issue submitted in this appeal involves the relationship between the Delaware Tender Offer Statute and a Rule of the Securities and Exchange Commission governing tender offers.1 We emphasize at the beginning of this opinion that the relationship is considered only in the context of the present controversy, which has been heard on an accelerated basis.

I

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