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KRIEGER v. WESCO FINANCIAL CORP.

CA. No. 6176-VCL.

30 A.3d 54 (2011)

Joel KRIEGER, Individually and on Behalf of All Others Similarly Situated, Plaintiff, v. WESCO FINANCIAL CORPORATION, Charles T. Munger, Elizabeth Caspers Peters, Carolyn H. Carlburg, Robert E. Denham, Robert T. Flaherty, Peter D. Kaufman, Berkshire Hathaway, Inc. and Montana Acquisitions, LLC, Defendants.

Court of Chancery of Delaware.

Decided: October 13, 2011.

Attorney(s) appearing for the Case

James C. Strum , Faruqi & Faruqi, LLP, Wilmington, Delaware; Juan E. Monteverde , Emily C. Komlossy , Richard W. Gonnello , Nicholas W. Moyne , Faruqi & Faruqi, LLP, New York, New York; Attorneys for Plaintiff.

William M. Lafferty , Shannon E. German , Ryan J. Greecher , Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware; George M. Garvey , Munger, Tolles & Olson LLP, Los Angeles, California; Attorneys for Defendants Charles T. Munger, Robert E. Denham, Berkshire Hathaway Inc., and Montana Acquisitions, LLC.

Edward P. Welch , Joseph O. Larkin , Sarah Runnells Martin , Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware; Eric S. Waxman , Lance A. Etcheverry , Skadden, Arps, Slate, Meagher & Flom LLP, Los Angeles, California; Attorneys for Defendants Elizabeth Caspers Peters, Carolyn H. Carlburg, and Robert T. Flaherty.

Danielle Gibbs , Nicholas J. Rohrer , Young Conaway Stargatt & Taylor LLP, Wilmington, Delaware; Attorneys for Defendants Wesco Financial Corporation and Peter D. Kaufman.

OPINION

LASTER, Vice Chancellor.

The plaintiff contends that holders of common stock of Wesco Financial Corporation were entitled to appraisal rights under Section 262 of the General Corporation Law, 8 Del. C. § 262, in connection with a forward triangular merger among Wesco, its parent Berkshire Hathaway Inc., and Montana Acquisitions, LLC, a Berkshire acquisition subsidiary. Under the merger agreement, Wesco's minority stockholders could...

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