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SHAMROCK HOLDINGS, INC. v. POLAROID CORP.

Civ. A. Nos. 10075, 10079.

559 A.2d 257 (1989)

SHAMROCK HOLDINGS, INC., Indiana Partners, L.P., Oregon Partners, Shamrock Capital, L.P. and Shamrock Holdings of California, Inc., Plaintiffs, v. POLAROID CORPORATION, I. MacAllister Booth, Yen-Tsai Geng, Richard D. Hill, Frank S. Jones, Carl Kaysen, William J. McCune, Jr., Henry Necarsulmer, Kenneth H. Olson, Julius Silver, Charles P. Slichter, Ralph Z. Sorenson, A. Michael Spence and Alfred M. Zeien, Defendants. In re POLAROID SHAREHOLDERS LITIGATION.

Court of Chancery of Delaware, New Castle County.

Decided: January 6, 1989.

Attorney(s) appearing for the Case

A. Gilchrist Sparks, Lawrence A. Hamermesh, Kenneth J. Nachbar, Robert J. Valihura, Jr. and Alan J. Stone of Morris, Nichols, Arsht & Tunnell, Wilmington, and Michael H. Rauch, Debra M. Torres, William C. Viets, John C. Sullivan, and Douglas H. Flaum of Fried, Frank, Harris, Shriver & Jacobson, New York City, for plaintiffs, Shamrock Holdings, Inc., Indiana Partners, L.P., Oregon Partners, Shamrock Capital, L.P. and Shamrock Holdings of California, Inc.

Joseph A. Rosenthal of Morris, Rosenthal, Monhait & Gross, P.A., Wilmington, Jill S. Abrams of Abby & Ellis, Michael P. Fuchs of Wolf Popper Ross Wolf & Jones, and Ronald Litowitz of Bernstein Litowitz Berger & Grossman, New York City, and Curtis V. Trinko, New York City, for Shareholder Litigation plaintiffs.

R. Franklin Balotti, Jesse A. Finkelstein, Gregory V. Varallo, James C. Strum, and Daniel A. Dreisbach of Richards, Layton & Finger, Wilmington, Frederick A.O. Schwarz, Jr., Robert N. Feltoon, and Timothy C. Harrison, of Cravath, Swaine & Moore, New York City, and Stephen D. Poss of Goodwin, Procter & Hoar, Boston, Mass., for defendants.

OPINION

BERGER, Vice-Chancellor.

This case involves an attack upon the validity of an employee stock ownership plan adopted by Polaroid Corporation ("Polaroid") on July 12, 1988. Unlike most litigation precipitated by an attempted takeover, this case proceeded to trial while the tender offer was outstanding and the Court is rendering its final decision on the merits.

Plaintiffs, Shamrock Holdings, Inc. and its affiliates (collectively "Shamrock"...

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