Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: August 17, 1999.
Decided: December 1, 1999.
Attorney(s) appearing for the Case
Judith Nichols Renzulli, Esquire and Robert J. Valihura, Jr., Esquire (argued), of Duane, Morris & Heckscher, LLP, Wilmington, Delaware; of Counsel: Anthony J. Costantini, Esquire (argued) and Maria Cilenti, Esquire, of Duane, Morris & Heckscher, LLP, New York, New York; Attorneys for Plaintiff Wretha Evelyn Walker.
Irving Morris, Esquire and Karen Morris, Esquire, of Morris & Morris, Wilmington, Delaware; of Counsel: Aaron Brody, Esquire, of Stull, Stull & Brody, New York, New York; Attorneys for Plaintiff Carrie Anne Polonetsky.
Joseph A. Rosenthal, Esquire and Carmella P. Keener, Esquire, of Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Delaware; of Counsel: Andrew L. Barroway, Esquire, Marc A. Topaz, Esquire and Gregory M. Castaldo, Esquire (argued), of Shiffrin Craig & Barroway, Bala Cynwyd, Pennsylvania; Attorneys for Plaintiff Michael Abramsky.
Steven J. Rothschild, Esquire, Robert S. Saunders, Esquire (argued) and James L. Love, Esquire, of Skadden, Arps, Slate, Meagher & Flom, LLP, Wilmington, Delaware; Attorneys for Defendant Lukens Inc. and the Director Defendants.
Charles F. Richards, Jr., Esquire (argued) and Megan S. Greenberg, Esquire, of Richards, Layton & Finger, Wilmington, Delaware; Attorneys for Defendant Bethlehem Steel Corporation.
Court of Chancery of Delaware, New Castle County.
OPINION
LAMB, Vice Chancellor.
I. INTRODUCTION
On January 5, 1998, Lukens, Inc. ("Lukens" or the "Company") announced that Bethlehem Steel Corporation had agreed to pay $30 per share (consisting of a combination of cash and stock) in exchange for all of the Lukens common stock. This announcement followed an initial agreement between Lukens and Bethlehem to merge at a price of $25 per share and a subsequent proposal from a third party to pay $28...
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