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TERRY v. PENN CENTRAL CORP.

No. 81-2765.

668 F.2d 188 (1981)

Howard L. TERRY and W. H. Hunt, Appellants, v. The PENN CENTRAL CORPORATION and Colt Industries Inc.

United States Court of Appeals, Third Circuit.

Decided December 23, 1981.

Attorney(s) appearing for the Case

Peter Hearn, Julia A. Conover, Jeffrey P. Libson, Pepper, Hamilton & Scheetz, Philadelphia, Pa., for appellants; A. B. Conant, Jr. (argued), Shank, Irwin, Conant, Williamson & Grevelle, Dallas, Tex., Marshall, Bratter, Greene, Allison & Tucker, New York City, Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, Del., of counsel.

John H. Lewis, Jr. (argued), and Raymond T. Cullen, Philadelphia, Pa., for Penn Central Corp.; Morgan, Lewis & Bockius, Philadelphia, Pa., of counsel.

Christopher K. Walters and Gilbert J. Helwig, Reed Smith Townsend & Munson, Philadelphia, Pa., Arthur L. Liman (argued), Gerald D. Stern, Colleen McMahon, Jay Cohen, Paul, Weiss, Rifkind, Wharton & Garrison, New York City, for Colt Industries Inc.

Before ADAMS, MARIS and HIGGINBOTHAM, Circuit Judges.

OPINION OF THE COURT

ADAMS, Circuit Judge.

The Penn Central Corporation ("Penn Central"), an appellee in this case, has sought to acquire Colt Industries Inc. ("Colt"), also an appellee, by merging Colt with PCC Holdings, Inc. ("Holdings"), a wholly-owned subsidiary of Penn Central. Howard L. Terry and W. H. Hunt, the appellants, are shareholders of Penn Central who objected to the transaction. In a diversity action before the United States District Court...

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