IN RE AQUILA INC.

Civ. A. No. 19237.

805 A.2d 184 (2002)

In re AQUILA INC. Shareholders Litigation.

Court of Chancery of Delaware, New Castle County.

Decided: January 3, 2002.


Attorney(s) appearing for the Case

Norman M. Monhait, Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington; Pamela S. Tikellis, Beth Deborah Savitz, Chimicles & Tikellis, LLP, Wilmington; Gregory M. Castaldo (argued), Schiffrin & Barrow, LLP, Bala Cynwyd, PA; Karin Fisch, Abbey Gardy, LLP, New York City; Faruqi & Faruqi, LLP, New York City, for Plaintiffs.

Michael D. Goldman, Peter J. Walsh, Jr., Brian C. Ralston, Richard L. Renck, Potter Anderson & Corroon LLP, Wilmington; Thomas F. Cullen, Jr. (argued), Lawrence D. Rosenberg, J. Andrew Read, Jones, Day, Reavis & Pogue, Washington, D.C., for Defendant Aquila, Inc. and the Individual Defendants in their capacities as Directors of Aquila, Inc.

Alan J. Stone, Megan E. Ward, Morris, Nichols, Arsht & Tunnell, Wilmington; William G. McGuinness (argued), David B. Hennes, Julie E. Kamps, Amie K. Riggle, Fried, Frank, Harris, Shriver & Jacobson, New York City, for Defendant Utilicorp United, Inc.


OPINION

LAMB, Vice Chancellor.

Plaintiffs seek a preliminary injunction against the consummation of a tender offer by UtiliCorp United Inc. ("UtiliCorp") for the approximately 20% of the outstanding shares of common stock of Aquila, Inc. ("Aquila") not already owned by it. Until April 23, 2001, when it completed its initial public offering, Aquila was a wholly owned subsidiary of UtiliCorp. The tender offer is set to expire tomorrow, January 4, 2002.

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