LERRO v. QUAKER OATS CO.

Nos. 95-3495, 95-3496.

84 F.3d 239 (1996)

Joseph LERRO and John Duty, Plaintiffs-Appellants, v. The QUAKER OATS COMPANY, Snapple Beverage Corporation, and Thomas H. Lee, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided May 17, 1996.


Attorney(s) appearing for the Case

Mark C. Gardy, Arthur N. Abbey (argued), Abbey & Ellis, New York City, Richard S. Schiffrin, Michael D. Craig, Schiffrin & Craig, Buffalo Grove, IL, for John Duty, Joseph Lerro.

Jerold S. Solovy, Douglas A. Graham, Jenner & Block, Chicago, IL, Dennis J. Block (argued), Paul J. Collins, Weil, Gotshal & Manges, New York City, for Quaker Oats Co., Loop Acquisition Corp.

Before EASTERBROOK, ROVNER, and DIANE P. WOOD, Circuit Judges.


EASTERBROOK, Circuit Judge.

The Quaker Oats Company acquired Snapple Beverage Corporation for $1.7 billion in 1994. A merger agreement was signed on November 1, 1994, and a tender offer was announced to the public on November 4. Quaker Oats offered $14 in cash for each share of Snapple stock; the merger agreement contemplated the same payment per share. Investors who thought $14 too low could refuse to tender, vote against the merger, and demand appraisal under &...

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