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MESA PARTNERS v. PHILLIPS PETROLEUM CO.

488 A.2d 107 (1984)

MESA PARTNERS, a Texas partnership, Plaintiff, v. PHILLIPS PETROLEUM COMPANY, a Delaware corporation, Defendant.

Court of Chancery of Delaware, New Castle County.

Decided December 20, 1984.

Attorney(s) appearing for the Case

Charles F. Richards, Jr., Edmund N. Carpenter, II, Samuel A. Nolen, Thomas A. Beck, and Daniel J. Kaufman of Richards, Layton & Finger, Wilmington; Baker & Botts, Houston, Tex., for plaintiff Mesa Partners.

Martin P. Tully, Thomas Reed Hunt, Jr., Lawrence A. Hamermesh, and David A. Jenkins of Morris, Nichols, Arsht & Tunnell, Wilmington; Herbert M. Wachtell of Wachtell, Lipton, Rosen & Katz, New York City, for Phillips Petroleum Co.

WALSH, Vice Chancellor.

This action began as an effort by the plaintiff, Mesa Partners, a Texas partnership,1 to secure a declaratory judgment that it was not obligated to refrain from attempting to acquire shares of stock, and ultimately control, of Phillips Petroleum Company ("Phillips") by reason of the execution by Mesa Petroleum Company ("Mesa") of an agreement dated January 6, 1983. This...

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