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NEWELL CO. v. WM. E. WRIGHT CO.

500 A.2d 974 (1985)

NEWELL CO., a Delaware corporation, Plaintiff, v. WM. E. WRIGHT CO., a Delaware corporation, Robert E. Baur, Jr., John E. Liolin, William R. Waldeisen, Jr., John L. Schwab, Peter G. Volanakis, John W. Whiting, Jr., and Larry L. Pflieger, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: October 15, 1985.

Attorney(s) appearing for the Case

John H. Small, Michael Hanrahan, Vernon R. Proctor and Wayne J. Carey of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, and Alfred Elliott, Thomas P. Luning and John F. Adams of Schiff, Hardin & Waite, Chicago, Illinois, for plaintiff.

R. Franklin Balotti, Donald A. Bussard, Thomas A. Beck, C. Stephen Bigler and Gwen Pospisil of Richards, Layton & Finger, Wilmington, and David Chapin and Douglas H. Meal of Ropes & Gray, Boston, Mass., for defendants.

OPINION

ALLEN, Chancellor.

Newell Co., the largest single shareholder of defendant William E. Wright Co. — owning 35.4% of Wright's issued and outstanding common stock — seeks in this action to invalidate a so-called Fair Price Rights Plan recently adopted by the individual defendants, who constitute the board of directors of Wright. The Rights Plan was adopted by the board in September, 1985, in the face of an announced intention by Newell...

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