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GEN. DATACOMM INDUST. v. STATE INV. BD.

Civil Action No. 16923.

731 A.2d 818 (1999)

GENERAL DATACOMM INDUSTRIES, INC., Plaintiffs, v. STATE OF WISCONSIN INVESTMENT BOARD, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: February 1, 1999.

Revised: February 5, 1999.

Attorney(s) appearing for the Case

P. Clarkson Collins, Jr., Lewis H. Lazarus, of Morris, James, Hitchens & Williams, Wilmington, Delaware, for Plaintiffs.

Stuart M. Grant, John C. Kairis, of Grant & Eisenhofer, Wilmington, Delaware, for Defendants.

OPINION

STRINE, Vice Chancellor.

In this matter, the plaintiff, General DataComm Industries, Inc., ("GDC"), a Delaware corporation, seeks declaratory and injunctive relief regarding the validity of a bylaw proposed for consideration at GDC's upcoming annual meeting by the defendant, State of Wisconsin Investment Board ("SWIB"). The proposed "Repricing Bylaw" provides as follows:

Option Repricing. [GDC] shall not reprice any stock options...

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