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HEIDEN v. GALVA FOUNDARY CO.

No. 3-91-0550.

584 N.E.2d 518 (1991)

223 Ill. App.3d 163

165 Ill.Dec. 339

Ray F. HEIDEN, Plaintiff-Appellee, v. GALVA FOUNDRY CO., Defendant-Appellant.

Appellate Court of Illinois, Third District.

December 24, 1991.

Attorney(s) appearing for the Case

James E. Konsky (argued), Vonachen, Lawless, Trager & Slevin, Peoria, for Galva Foundry Co.

Dean B. Rhoads and Edwin L. Durham (argued), Sutkowski & Washkuhn Associates, Peoria, for Ray F. Heiden.

Justice HAASE delivered the opinion of the Court.

The plaintiff, Ray Heiden, sold his controlling interest in the Galva Foundry Company (the Company) to the defendant, the Galva Foundry Acquisition Corporation (Galva). The purchase price was based upon a valuation formula which utilized the presumed net book value of the Company. The formula and details of the transaction were set forth in the Acquisition and Merger Agreement (the Agreement) which provided that disputes...

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