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CITRON v. E.I. DU PONT de NEMOURS & CO.

Civ. A. No. 6219.

584 A.2d 490 (1990)

Edith CITRON, Plaintiff, v. E.I. DU PONT de NEMOURS & COMPANY, Remington Arms Company, Phillip H. Burdett, Joseph A. Dallas, Robert W. Dixon, Richard E. Heckert, John P. McAndrews, Eldon M. Robinson, Alexander L. Stott, and Mrs. Frederick B. Silliman, Jay H. McDowell and U.S. Trust Company, Executors of the Estate of Frederick B. Silliman, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: June 29, 1990.

Attorney(s) appearing for the Case

Victor F. Battaglia and Robert D. Goldberg, Biggs & Battaglia, Wilmington, Michael P. Fuchs, and Patricia I. Avery, Wolf, Popper, Ross, Wolf & Jones, New York City, for plaintiff.

John F. Schmutz and Richard A. Paul, E.I. Du Pont de Nemours & Co., Legal Dept., Wilmington, Daniel M. Gribbon, Joanne B. Grossman, and Steven F. Reich, Covington and Burling, Washington, D.C., for defendants, E.I. Du Pont de Nemours & Co., Remington Arms Co., Joseph A. Dallas, Richard E. Heckert, John P. McAndrews and Eldon M. Robinson.

Charles F. Richards, Jr., Gregory P. Williams, and Robert J. Shaughnessy, Richards, Layton & Finger, Wilmington, Bruce D. Angiolillo and Gregory A. Ritter, Simpson, Thacher & Bartlett, New York City, for defendants, Philip H. Burdett, Robert E. Dixon, Alexander L. Stott, and Mrs. Frederick B. Silliman, Jay H. McDowell and U.S. Trust Co., Executors of Estate of Frederick B. Silliman.

OPINION

JACOBS, Vice Chancellor.

This class action was commenced on July 9, 1980 by a Remington Arms Company ("Remington") shareholder, challenging the merger of Remington into E.I. DuPont de Nemours & Co. ("DuPont") on February 1, 1980. At the time of the merger, DuPont owned 69.54% of Remington's common stock and 99.8% of its preferred stock. In addition to DuPont and Remington, the plaintiff named as defendants the directors of Remington at the time...

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