IVANHOE PARTNERS, a Texas general partnership and Ivanhoe Acquisition Corporation, a Delaware corporation, Plaintiffs,
v.
NEWMONT MINING CORPORATION, a Delaware corporation, Randolph I.J. Agnew, Joseph P. Flannery, Edward P. Fontaine, Thomas B. Holmes, Richard B. Leather, William B. Moses, Jr., Gordon R. Parker, Robin A. Plumbridge, William I.M. Turner, Jr., Consolidated Gold Fields PLC, a United Kingdom corporation, Gold Fields American Corporation, a Delaware corporation, and the Special Purpose, Inc., a Delaware corporation, Defendants.
The First Boston Corporation, New York Stock Exchange, Inc., and National Securities Clearing Corporation, Intervenors.
In re NEWMONT MINING CORP. SHAREHOLDERS LITIGATION.
Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: October 1, 1987.
Decided: October 15, 1987.
Attorney(s) appearing for the Case
Charles F. Richards, Jr., (argued), Samuel A. Nolen, William J. Wade, C. Stephen Bigler, Gregory P. Williams, Thomas A. Beck, and Anne F. Bugg, of Richards, Layton & Finger, Wilmington, Baker & Botts, Houston, Tex., for plaintiffs Ivanhoe Partners and Ivanhoe Acquisition Corp.
Joseph A. Rosenthal of Morris, Rosenthal, Monhait & Gross, P.A., Wilmington, Goodkind, Weschler, Labaton & Rudoff, New York City, Robert A. Skirnick, (argued), and John Halebian, of Wolf Popper Ross Wolf & Jones, New York City, Roger Kirby, of Kaufman Malchman Kaufmann & Kirby, New York City, David J. Bershad, of Milberg Weiss Bershad Specthrie & Lerach, New York City, for class plaintiffs in Consol. Civ. A. No. 9221.
Michael D. Goldman, Charles S. Crompton, Jr., Donald J. Wolfe, Jr., and Richard L. Horwitz, of Potter Anderson & Corroon, Wilmington, Bernard W. Nussbaum, Theodore N. Mirvis (argued), and Paul K. Rowe, of Wachtell, Lipton, Rosen & Katz, New York City, Richard Hollwell, of White & Case, New York City, for defendants Newmont Mining Corp., Gordon R. Parker, Edward P. Fontaine, and Richard B. Leather.
John Hall, of Debevoise & Plimpton, New York City, for defendants Independent Directors of Newmont Mining Corp.
A. Gilchrist Sparks, III, Lawrence A. Hamermesh, and Kenneth Nachbar, of Morris, Nichols, Arsht & Tunnell, Wilmington, Lewis A. Kaplan (argued), Moses Silverman, Colleen McMahon, Abby Jennis, Clyde Allison, and Mary Crawley, of Paul, Weiss, Rifkind, Wharton & Garrison, New York City, for defendants Consol. Gold Fields PLC, Gold Fields American Corp., and the Special Purpose, Inc.
Rodman Ward, Jr. and Edward P. Welch, of Skadden, Arps, Slate, Meagher & Flom, Wilmington, Ann Crawford, of Skadden, Arps, Slate, Meagher & Flom, New York City, for intervenor, The First Boston Corp.
Donald Elihu Evans, of Bryde, Ament & Evans, and Milbank, Tweed, Hadley & McCloy, New York City, for intervenors, The New York Stock Exchange and The Nat. Securities Clearing Corp.
Court of Chancery of Delaware, New Castle County.
OPINION
JACOBS, Vice Chancellor.
The pending motion for a preliminary injunction involves a challenge under Delaware law to an antitakeover defense some times picturesquely described as a "street sweep." That sobriquet is used by cognoscienti in the esoteric field of corporate takeovers to refer to a rapid accumulation of a large block of target corporation's stock, through open market or privately negotiated...
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