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M.G. BANCORPORATION, INC. v. LE BEAU

No. 153, 1998.

737 A.2d 513 (1999)

M.G. BANCORPORATION, INC., a Delaware corporation, and Southwest Bancorp, Inc., a Delaware corporation, Respondents below, Appellants, v. Richard A. LE BEAU, Dorothy N. Le Beau, Michelle E. Le Beau, Brett Jordan, Brook Jordan, Kurt R. Nebel, Joan M. Nebel, Christine Stucker, David Stucker, Margaret M. Pavletic, Joseph W. Pavletic, D.D.S. individually and for The Joseph W. Pavletic, D.D.S., M.D., As Trustee of The Robert J. Noetzel, D.D.S., M.D. Ltd., Profit Sharing and Savings Plan & Trust, John M. Cunningham, III, M. Susan Cunningham and, John M. Cunningham, As Trustee of The John M. Cunningham Trust, Dated 12/19/91, Petitioners Below, Appellees.

Supreme Court of Delaware.

Decided: April 30, 1999.

As Modified on Denial of Reargument May 27, 1999.

Attorney(s) appearing for the Case

Wayne J. Carey, and Ronald A. Brown, Jr., of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, Delaware and Frederick V. Lochbihler, (argued) and David S. Barritt, of Chapman and Cutler, Chicago, Illinois, for appellants.

Bruce L. Silverstein, (argued) and Martin S. Lessner, of Young, Conaway, Stargatt & Taylor, LLP, Wilmington, Delaware, for appellees.

Before VEASEY, Chief Justice, WALSH, HOLLAND, HARTNETT, and BERGER, Justices (constituting the Court en Banc).

HOLLAND, Justice:

This appeal is taken by Respondents-appellants, M.G. Bancorporation, Inc. ("MGB"), and Southwest Bancorp, Inc. ("Southwest"), Delaware corporations, from a final judgment of the Court of Chancery. The proceeding arises from a cash-out merger of the minority shareholders of MGB on November 17, 1993 (the "Merger"). MGB was merged into Southwest, which owned over 91% of the outstanding shares of MGB's common...

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