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AC ACQUISITIONS v. ANDERSON, CLAYTON & CO.

519 A.2d 103 (1986)

AC ACQUISITIONS CORP., Bear, Stearns & Co., Inc., Gruss Petroleum Corp., and Gruss Partners, Plaintiffs, v. ANDERSON, CLAYTON & CO., F.F. Avery, G. William Miller, Richard J.V. Johnson, S.M. McAshan, Jr., T.J. Barlow, W. Fenton Guinee, Jr., John L. Fichter, Benjamin M. Baker, Jr., Charles L. Blackburn, John T. Cater, Ralph L. Cobb, Jennings F. Futch, John B. Powell, Jr., D.M. Buchanan, R.F. Harris, and W.W. Vann, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: September 18, 1986.

Attorney(s) appearing for the Case

A. Gilchrist Sparks, III, Lawrence A. Hamermesh, and Edmond D. Johnson of Morris, Nichols, Arsht & Tunnell, Wilmington, and Dennis J. Block, Joseph S. Allerhand, Richard L. Levine, Myrna S. Levine, and Karen E. Donald of Weil, Gotshal & Manges, New York City, for plaintiffs.

Charles F. Richards, Jr., Samuel A. Nolen, Thomas A. Beck, Gregory P. Williams, Gregory V. Varallo, and Kevin G. Abrams of Richards, Layton & Finger, Wilmington, and Baker & Botts, Houston, Tex., for defendants.

OPINION

ALLEN, Chancellor.

This case involves a contest for control of Anderson, Clayton & Co., a Delaware corporation ("Anderson, Clayton" or the "Company"). Plaintiffs, Bear, Stearns & Co., Inc., Gruss Petroleum Corp. and Gruss Partners ("BS/G") are shareholders of Anderson, Clayton who, through a newly formed corporation — AC Acquisitions Corp. — are currently making a tender offer for any and all shares of Anderson, Clayton at ...

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