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GERT v. ELGIN NAT. INDUSTRIES, INC.

No. 84-1276.

773 F.2d 154 (1985)

Celia GERT individually and on Behalf of the certified class, Plaintiff-Appellant, v. ELGIN NATIONAL INDUSTRIES, INC., a Delaware corporation, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided September 12, 1985.

Attorney(s) appearing for the Case

Abraham N. Goldman, Abraham N. Goldman & Assoc. Ltd., Chicago, Ill., for plaintiff-appellant.

Richard Wasserman, Stuart, Zavin, Sinnreich & Wasserman, New York City, for defendants-appellees.

Before CUDAHY and ESCHBACH, Circuit Judges, and BROWN, Senior District Judge.

CUDAHY, Circuit Judge.

On February 5, 1975, South Bay Corporation ("South Bay") made a tender offer to buy back its own stock at $22.07 a share. At the time, defendant Utilities and Industries Corporation ("U & I") owned 46% of the stock of South Bay; after the buy back, its share jumped to 83%.

South Bay in turn owned 20% (226,500 shares) of the stock in defendant Elgin National Industries ("Elgin"), which it valued at the market price of $7 a share at...

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