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WEISS v. SAMSONITE CORP.

Civil Action No. 16503.

741 A.2d 366 (1999)

Kenneth WEISS, Plaintiff, v. SAMSONITE CORPORATION, R. Theodore Ammon, Bernard Attal, Leon D. Black, Robert H. Falk, Richard R. Nicolosi, Mark H. Rachesky, Robert L. Rosen, Marc J. Rowan and Steven J. Solarz, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: June 14, 1999.

Attorney(s) appearing for the Case

Ronald A. Brown, Jr., of Prickett, Jones, Elliott & Kristol, Wilmington, Delaware; and Arthur T. Susman, of Susman & Watkins, Chicago, Illinois, for Plaintiff.

Rodman Ward, Jr., and Stephen D. Dargitz, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware, for Defendants.

OPINION

JACOBS, Vice Chancellor.

Under challenge in this action is an internal leveraged recapitalization (the "Recapitalization Plan" or "Plan") of Samsonite Corporation, a Delaware corporation ("Samsonite" or the "Company"), which occurred in June 1998. The Recapitalization Plan took the form of a cash self-tender offer by Samsonite to acquire 51% of its common stock at $40 per share. It was not in response to a hostile tender offer, nor was it...

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