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IN RE SAUER-DANFOSS INC. S'HOLDERS LITIG.

C.A. No. 5162-VCL.

65 A.3d 1116 (2011)

In re SAUER-DANFOSS INC. SHAREHOLDERS LITIGATION.

Court of Chancery of Delaware.

Decided: April 29, 2011.

Revised: May 3, 2011.

Attorney(s) appearing for the Case

Carmella P. Keener , Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware; Chet B. Waldman , Wolf Popper LLP, New York, New York; Attorneys for Plaintiff Laurie Forrest.

Seth D. Rigrodsky , Brian D. Long , Rigrodsky & Long, P.A., Wilmington, Delaware; Lionel Z. Glancy , Andy Sohrn, Glancy Binkow & Goldberg LLP, Los Angeles, California; Attorneys for Plaintiff Kenneth Loiselle.

Seth D. Rigrodsky , Brian D. Long , Rigrodsky & Long, P.A., Wilmington, Delaware; Randall J. Baron , David T. Wissbroecker , Robbins Geller Rudman & Dowd LLP; San Diego, California; Francis A. Bottini, Jr. , Shawn Fields , Johnson Bottini, LLP; San Diego, California; Attorneys for Plaintiffs in Friese v. Sauer-Danfoss Inc., et al., No. LACV45714 (Iowa Dist. Ct.).

Joseph C. Schoell , Todd C. Schiltz , Drinker Biddle & Reath LLP, Wilmington, Delaware; Bradley J. Andreozzi , Justin O. Kay, Daniel W. Werly , Drinker Biddle & Reath LLP, Chicago, Illinois; Attorneys for Defendants Sauer-Danfoss, Inc., Sven Ruder and Sven Murmann.

Raymond J. DiCamillo , Kevin M. Gallagher , Richards, Layton & Finger, P.A., Wilmington, Delaware; Brian M. Rostocki , Reed Smith LLP, Wilmington, Delaware; Herbert F. Kozlov , Lawrence J. Reina , Reed Smith LLP, New York, New York; Attorneys for Defendants Danfoss A/S, Danfoss Acquisition, Inc., Jorgen M. Clausen, Niels B. Christiansen, Kim Fausing, William E. Hoover, Jr. and Per Have.

Michael D. Goldman , Stephen C. Norman , Brian C. Ralston , Matthew D. Stachel , Potter Anderson & Corroon LLP, Wilmington, Delaware; Yosef J. Riemer , Matthew Solum , Kirkland & Ellis LLP, New York, New York; Attorneys for Defendants Steven H. Wood, F. Joseph Loughrey and Dr. Johannes F. Kirchhoff.

OPINION

LASTER, Vice Chancellor.

The plaintiffs own an undisclosed number of shares of Sauer-Danfoss Inc. ("Sauer-Danfoss" or the "Company"). They filed suit hours after Danfoss A/S, the Company's controlling stockholder, announced a plan to launch a tender offer for the Sauer-Danfoss minority shares. After filing, the plaintiffs did not actually litigate. Instead, their counsel tried to set up a disclosure-only settlement. For disputed reasons, talks...

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