In re J.P. STEVENS & CO., INC. SHAREHOLDERS LITIGATION.
WEST POINT-PEPPERELL, INC., a Georgia corporation, and STN Holdings, Inc., a Delaware corporation, Plaintiffs,
v.
J.P. STEVENS & CO., INC., a Delaware corporation, Ward Burns, E. Virgil Conway, Marvin B. Crow, James B. Edwards, Buck Mickel, Henry Ponder, Whitney Stevens, David M. Tracy, John J. Zerrenner, Odyssey Partners, a New York partnership, JPS Acquisition Corp., a Delaware corporation and JPS Holding Corp., a Delaware corporation, Defendants.
Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: April 6, 1988.
Decided: April 8, 1988.
Attorney(s) appearing for the Case
Jack B. Blumenfeld, and Michael Houghton, of Morris, Nichols, Arsht & Tunnell, Wilmington, and Paul Vizcarrondo, and Barbara Robbins, of Wachtell, Lipton, Rosen & Katz, New York City, for plaintiffs West Point-Pepperell and STN Holdings.
Joseph A. Rosenthal, and Carolyn D. Mack, of Morris, Rosenthal, Monhait & Gross, P.A., Wilmington, and Arthur N. Abbey, and Judith L. Spanier, of Abbey & Ellis, New York City, and Pamela S. Tikellis, of Greenfield & Chimicles, Wilmington, for Shareholder plaintiffs.
Rodman Ward, Andrew J. Turezyn, and Constance S. Huttner, of Skadden, Arps, Slate, Meagher & Flom, Wilmington, and New York City, for defendants J.P. Stevens & Co., Inc., and Conway, Edwards, Mickel, Ponder, Furman, Wearn and Weinberg.
E. Norman Veasey, and Kevin G. Abrams, of Richards, Layton & Finger, Wilmington, and Irwin Warren, Mark G. Krum, and Timothy J. Lawliss, of Weil, Gotshal & Menges, New York City, for defendants Odyssey Partners, JPS Holding Corp. and JPS Acquisition Corp.
Grover C. Brown, and Henry N. Herndon, Jr., of Morris, James, Hitchens & Williams, Wilmington, and Raymond L. Falls, Jr., and William M. Murphy, of Cahill Gordon & Reindel, New York City, for defendants Burns, Crow, Mitchell, Stevens and Zerrenner.
Court of Chancery of Delaware, New Castle County.
OPINION
ALLEN, Chancellor.
West Point-Pepperell, Inc. ("West Point") is currently contesting with affiliates of Odyssey Partners, a New York partnership, for control of J.P. Stevens & Co., Inc. ("Stevens"), a Delaware corporation engaged principally in the production and marketing of textile products of various kinds. Both West Point and Odyssey have tender offers currently outstanding to the shareholders of Stevens. Odyssey's offer, which is made through...
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