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STAHL v. APPLE BANCORP, INC.

579 A.2d 1115 (1990)

Stanley STAHL, Plaintiff, v. APPLE BANCORP, INC., Jerome R. McDougal, Edward J. Brown, George V. Comfort, Thomas E. Dewey, Jr., Grace J. Fippinger, Roscoe C. Ingalls, Jr., Robert A. Kavesh, John L. Procope, Richard J. Schwartz, Ralph A. Weller and John E. Zuccotti, Defendants. Richard KESSLER, Plaintiff, v. APPLE BANCORP, INC., Jerome R. McDougal, Edward J. Brown, George V. Comfort, Thomas E. Dewey, Jr., Grace J. Fippinger, Roscoe C. Ingalls, Jr., Robert A. Kavesh, John L. Procope, Richard J. Schwartz, Ralph A. Weller and John E. Zuccotti, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: May 17, 1990.

Revised: May 18, 1990.

Attorney(s) appearing for the Case

A. Gilchrist Sparks, III, Lawrence A. Hamermesh, Esquire, and Edmund Johnson of Morris, Nichols, Arsht & Tunnell, Wilmington, for plaintiff. Shea & Gould, New York City, of counsel.

Thomas J. Allingham, II, John G. Day, Esquire, Robert A. Glen, and Karen L. Valihura of Skadden, Arps, Slate, Meagher & Flom, Wilmington, for defendants.

Norman M. Monhait of Morris, Rosenthal, Monhait & Gross, Wilmington, Ralph L. Ellis of Abbey & Ellis, New York City, for Richard Kessler.

OPINION

ALLEN, Chancellor.

On March 28, 1990 Stanley Stahl, who is the holder of 30% of the outstanding common stock of Apple Bancorp, Inc. ("Bancorp"), announced a public tender offer for all of the remaining shares of Bancorp's stock. Mr. Stahl had earlier informed Bancorp's board of an intention to conduct a proxy contest for the election of directors to the company's board. On April 10 Bancorp's board of directors elected to defer the company's annual...

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