IN RE HOLLY FARMS CORP.

Civ. A. No. 10350.

564 A.2d 342 (1989)

In re HOLLY FARMS CORPORATION SHAREHOLDERS LITIGATION.

Court of Chancery of Delaware, New Castle County.

Decided: June 14, 1989.


Attorney(s) appearing for the Case

R. Bruce McNew, and Pamela S. Tikellis, Greenfield & Chimicles, Wilmington, and Jules Brody, Stull, Stull & Brody, New York City, Joseph A. Rosenthal, and Norman M. Monhait, Morris, Rosenthal, Monhait & Gross, P.A., Wilmington, for Shareholder plaintiffs.

Rodman Ward, Jr., Anthony W. Clark, Keith R. Sattesahn, and Andre G. Bouchard, Skadden, Arps, Slate, Meagher & Flom, Wilmington, George A. Zimmerman, Jonathan J. Lerner, and Marco Schnabl, Skadden, Arps, Slate, Meagher & Flom, New York City, for Tyson Foods, Inc. and Holly Acquisition Corp., and James Blair, Gen. Counsel for Tyson Foods.

Kenneth J. Nachbar, and Lawrence A. Hamermesh, Morris, Nichols, Arsht & Tunnell, Wilmington, and Steven M. Barna, and Paul Vizcarrondo, Jr., Wachtell, Lipton, Rosen & Katz, New York City, for defendants Holly Farms Corp. and its directors.

R. Franklin Balotti, and Samuel A. Nolen, Richards, Layton & Finger, Wilmington, and Gregory P. Joseph, Fried, Frank, Harris, Shriver & Jacobson, New York City, and Bruce C. Rohde, Leo A. Knowles, and John E. North, McGrath, North, Mullin & Kratz, Omaha, Neb., for ConAgra, Inc. and CAG Acquisition Corp.


HARTNETT, Vice Chancellor.

This is another chapter in the protracted litigation arising from the on-going competing offers for the stock of Holly Farms Corporation ("Holly Farms" or "Holly") by Tyson Foods, Inc. and ConAgra, Inc. One of the bidders, Tyson Foods, Inc. and its Holly Acquisition Corp. (collectively "Tyson" or "Tyson Foods") has moved for a preliminary injunction preventing Holly Farms and its directors, and the other bidder, ConAgra, Inc. and its CAG...

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