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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