IN RE PHILLIPS PETROLEUM SECURITIES LITIGATION

Civ. A. No. Misc. 85-75 MMS.

738 F.Supp. 825 (1990)

In re PHILLIPS PETROLEUM SECURITIES LITIGATION.

United States District Court, D. Delaware.

May 25, 1990.


Attorney(s) appearing for the Case

Joseph A. Rosenthal of Morris, Rosenthal, Monhait & Gross, William Prickett of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, Del. (Wolf Popper Ross Wolf & Jones, New York City, Kohn, Savett, Klein & Graf, P.C., Philadelphia, Pa., Milberg Weiss Bershad Specthrie & Lerach, New York City, Bizar, D'Alessandro, Shustak & Martin, New York City, of counsel), for plaintiffs.

Charles F. Richards, Jr., William J. Wade and Thomas A. Beck of Richards, Layton & Finger, Wilmington, Del., for Mesa defendants.


OPINION

MURRAY M. SCHWARTZ, Senior District Judge.

This opinion resolves defendants' renewed summary judgment motion arising out of the announcement of a proposed hostile tender offer for Phillips Petroleum ("Phillips") led by Mesa Partners1 (the "Partnership"). The Plaintiffs allege violations of Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) (1982) and Rule 10b-5, 17 C.F.R. § 240.10b-5 (1988...

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