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UNION ILLINOIS v. UNION FINANCIAL GROUP

C.A. No. 19586.

847 A.2d 340 (2004)

THE UNION ILLINOIS 1995 INVESTMENT LIMITED PARTNERSHIP, the Denis J. O'Brien Family Irrevocable Trust, the Douglas Alan O'Brien Family Irrevocable Trust, Douglas Alan O'Brien, Douglas Alan O'Brien, as Custodian for Kenneth Preston O'Brien, and Patricia Marsh O'Brien, Petitioners, v. UNION FINANCIAL GROUP, LTD., a Delaware Corporation, Respondent.

Court of Chancery of Delaware, New Castle County.

Decided: December 19, 2003.

Revised: January 5, 2004.

Attorney(s) appearing for the Case

Thomas P. Preston, Blank Rome LLP, Wilmington, Delaware; Richard G. Menaker, and Samuel F. Abernethy, Menaker & Herrmann LLP, New York, New York, for Petitioners.

Lewis H. Lazarus, Michael A. Weidinger, and Thomas E. Hanson, Jr., Morris, James, Hitchens & Williams LLP, Wilmington, Delaware, for Respondent.

OPINION

STRINE, Vice Chancellor.

This is an appraisal action in which shareholders who are all affiliated with the O'Brien family seek a determination of the fair value of their shares in Union Financial Group, Ltd. ("UFG"). The O'Brien family controlled approximately 38% of UFG's stock before UFG was acquired by an acquisition subsidiary of First Banks, Inc. on December 31, 2001. The patriarch of the O'Brien family, Albert O'Brien, founded UFG and more...

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