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SCHMID v. CLARKE, INC.

No. S-92-311.

515 N.W.2d 665 (1994)

245 Neb. 856

Al SCHMID and Dorothea Schmid, Appellees and Cross-Appellants, v. CLARKE, INC., a Nebraska Corporation, and its Wholly Owned Subsidiary, Bank of Papillion, Appellants and Cross-Appellees.

Supreme Court of Nebraska.

May 13, 1994.

Attorney(s) appearing for the Case

Gerald P. Laughlin and Jill Robb Ackerman of Baird, Holm, McEachen, Pedersen, Hamann & Strasheim, Omaha, for appellants.

Edward D. Hotz and Edith T. Peebles of Zweiback, Hotz & Lamberty, P.C., Omaha, for appellees.

HASTINGS, C.J., and BOSLAUGH, WHITE, FAHRNBRUCH, and WRIGHT, JJ., and GRANT, J., Retired.

BOSLAUGH, Justice.

This case arose out of a controversy concerning the merger of Midlands Bancorp, Inc. (MBI), the holding company for Bank of the Midlands (Bank), and Clarke, Inc., the holding company for the Bank of Papillion.

In the spring of 1989, Bank and Bank of Papillion and MBI and Clarke drafted an agreement and plan of merger subject to MBI stockholder approval for the purchase of Bank by the Bank of Papillion. MBI stockholders were to receive $3...

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