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IN RE CNX GAS CORP. SHAREHOLDERS LITIGATION

C.A. No. 5377-VCL.

4 A.3d 397 (2010)

In re CNX GAS CORPORATION SHAREHOLDERS LITIGATION.

Court of Chancery of Delaware.

Decided: May 25, 2010.

Attorney(s) appearing for the Case

Seth D. Rigrodsky , Brian D. Long , Rigrodsky & Long, P.A., Wilmington, Delaware; Daniel W. Kranser , Gregory M. Nespole , Scott J. Farrell , Rachel S. Poplock , Wolf Haldenstein Adler Freeman & Herz LLP, New York, New York, Co-Lead Counsel for Plaintiffs.

Donald J. Wolfe, Jr. , Brian C. Ralston , Scott B. Czerwonka , Potter Anderson & Corroon LLP, Wilmington, Delaware; Theodore N. Mirvis , Paul K. Rowe , Elaine P. Golin , Wachtell, Lipton, Rosen & Katz, New York, New York, Attorneys for Defendants CONSOL Energy Inc., J. Brett Harvey, Phillip W. Baxter, and Raj K. Gupta.

Robert S. Saunders , Ronald N. Brown, III , Arthur R. Bookout , Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware, Attorneys for Defendant John Pipski.

Collins J. Seitz, Jr. , David E. Ross , Bradley R. Aronstam , Connolly Bove Lodge & Hutz LLP, Wilmington, Delaware, Attorneys for Defendant CNX Gas Corporation.

OPINION

LASTER, Vice Chancellor.

Representatives of a putative class of minority stockholders have challenged a controlling stockholder freeze-out structured as a first-step tender offer to be followed by second-step short-form merger. The plaintiffs have sued the controlling stockholder, its controlled subsidiary, and the four members of the subsidiary board. Three of the subsidiary directors are also directors of the controller. The fourth is an independent...

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