HARBOR FINANCE PARTNERS v. HUIZENGA

Civil Action No. 14933.

751 A.2d 879 (1999)

HARBOR FINANCE PARTNERS, a Colorado Limited Partnership, Plaintiff, v. H. Wayne HUIZENGA, Michael G. DeGroote, Harris W. Hudson, J.P. Bryan, Rick L. Burdick, George D. Johnson, Jr., John J. Melk and Republic Industries, Inc., Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: November 17, 1999.


Attorney(s) appearing for the Case

Joseph A. Rosenthal, of Rosenthal, Monhait, Gross & Goddess, Wilmington, Delaware; Jeffrey M. Haber, of Weschsler Harwood Halebian & Feffer, New York City, for Plaintiffs, of counsel.

Thomas J. Allingham II, Robert S. Saunders, Kevin M. Maloy, Stephen D. Dargitz, of Skadden, Arps, Slate, Meagher & Flom, Wilmington, Delaware, for Defendants.


OPINION

STRINE, Vice Chancellor.

This matter involves a challenge to the acquisition of AutoNation, Incorporated by Republic Industries, Inc. A shareholder plaintiff contends that this acquisition (the "Merger") was a self-interested transaction effected for the benefit of Republic directors who owned a substantial block of AutoNation shares, that the terms of the transaction were unfair to Republic and its public stockholders, and that stockholder approval...

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