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ROTHSCHILD INTERN. CORP. v. LIGGETT GROUP

474 A.2d 133 (1984)

ROTHSCHILD INTERNATIONAL CORPORATION, a corporation of the State of Washington, Plaintiff-Appellant, v. LIGGETT GROUP INC., GM Sub Corporation and GM Sub II Corporation, corporations of the State of Delaware, and Grand Metropolitan Limited, a corporation of England, Defendants-Appellees.

Supreme Court of Delaware.

Decided March 20, 1984.

Attorney(s) appearing for the Case

Gerald J. Fields (argued), and Raymond J. Soffientini of Battle, Fowler, Jaffin & Kheel, New York City, of counsel, Thomas S. Lodge of Connolly, Bove, Lodge & Hutz, Wilmington, for appellant.

Gandolfo V. DiBlasi (argued), John L. Warden and Ida C. Wurczinger of Sullivan & Cromwell, New York City, of counsel, R. Franklin Balotti and Jesse A. Finkelstein of Richards, Layton & Finger, Wilmington, for appellees.

Before McNEILLY, HORSEY and CHRISTIE, JJ.

HORSEY, Justice.

This appeal is from a summary judgment Order of the Court of Chancery dismissing a purported class action filed by the owners of 7% cumulative preferred stock in Liggett Group, Inc. ("Liggett"), a Delaware corporation. The suit arises out of a combined tender offer and reverse cash-out merger whereby the interests of the 7% preferred shareholders were eliminated for a price of $70 per share, an amount $30...

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