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MacANDREWS & FORBES v. REVLON, INC.

501 A.2d 1239 (1985)

MacANDREWS & FORBES HOLDINGS, INC., a Delaware corporation, Plaintiff, v. REVLON, INC., a Delaware corporation, Michel C. Bergerac, Simon Aldewereld, Sander P. Alexander, Jay I. Bennett, Irving J. Bottner, Jacob Burns, Lewis L. Glucksman, John Loudon, Aileen Mehle, Samuel L. Simmons, Ian R. Wilson, Paul P. Woolard, Ezra K. Zilkha, Forstmann Little & Co., a New York limited partnership, and Forstmann Little & Co. Subordinated Debt and Equity Management Buyout Partnership-II, a New York limited partnership, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: October 23, 1985.

Revised October 24, 1985.

Attorney(s) appearing for the Case

Bruce M. Stargatt, Edward B. Maxwell, II, David C. McBride, and Josy W. Ingersoll of Young, Conaway, Stargatt & Taylor, Stephen P. Lamb, Thomas J. Allingham, Jr., and Andrew J. Turezyn of Skadden, Arps, Slate, Meagher & Flom, Wilmington, Michael Mitchell of Skadden, Arps, Slate, Meagher & Flom, New York City, for plaintiff.

A. Gilchrist Sparks, III, Lewis S. Black, and Kenneth Nachbar of Morris, Nichols, Arsht & Tunnell, Wilmington, Herbert M. Wachtell, Andrew R. Brownstein, Kenneth B. Forrest, Wayne M. Carlin, and Marc Wolinsky of Wachtell, Lipton, Rosen & Katz, New York City, for defendant Revlon, Inc. and individual defendants.

Michael D. Goldman, Donald J. Wolfe, Jr., James F. Burnett, and Richard L. Horwitz of Potter, Anderson & Corroon, Wilmington, Marc P. Cherno of Fried, Frank, Harris, Shriver & Jacobson, New York City, for defendant Forstmann Little.

Grover C. Brown of Morris, James, Hitchens & Williams, Wilmington, David M. Bernick of Kirkland & Ellis, Chicago, for proposed intervenor Adler & Shaykin.

WALSH, Justice*

At this stage in the contest for control of Revlon, Inc. ("Revlon"), it is necessary to address the scope of the fiduciary duty owed by Revlon's board of directors to its shareholders in the face of a tender offer for any and all shares of the corporation by Pantry Pride, Inc. ("Pantry Pride").

This action was filed by plaintiff MacAndrews & Forbes Holdings, Inc. ("MacAndrews"), an affiliate of Pantry Pride...

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