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SHELTON v. THOMPSON

86-771.

544 So.2d 845 (1989)

Jessie Willard SHELTON, et al. v. Wallace H. THOMPSON, et al.

Supreme Court of Alabama.

Rehearing Denied May 5, 1989.

Attorney(s) appearing for the Case

Frank J. Tipler, Jr. and John M. Pennington of Tipler and Tipler, Andalusia, and Michael L. Weathers, Montgomery, for appellants.

J.R. Brooks of Ford, Caldwell, Ford & Payne, Huntsville, for appellee Wallace H. Thompson.

Palmer C. Hamilton and George A. LeMaistre, Jr. of Miller, Hamilton, Snider & Odom, Mobile, for appellees Colonial Bank of Northwest Alabama and The Colonial Bancgroup, Inc.

John R. Chiles of Sirote, Permutt, McDermott, Slepian, Friend, Friedman, Held & Apolinsky, Birmingham, for appellee, G. Scott Ray.

Robert O. Cox of Poellnitz, Cox & Jones, Florence, for appellees Neil G. Wilcoxson, Sam Hammond, and Malcolm Davis.

PER CURIAM.

This appeal is from a summary judgment in favor of all the defendants in a derivative action involving the merger of the Bank of Lexington ("Lexington") and Colonial BancGroup ("Colonial").

On January 12, 1985, a proposal was made to the stockholders of Lexington to merge Lexington into Colonial by means of a two-part transaction: 1) Lexington shares would be exchanged for shares in Colonial; and 2) Lexington would be merged into Colonial's wholly...

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