WALLEYE TRADING LLC v. ABBVIE INC.

No. 19-3063.

962 F.3d 975 (2020)

WALLEYE TRADING LLC, Plaintiff-Appellant, v. ABBVIE INC. and William Chase, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided June 22, 2020.


Attorney(s) appearing for the Case

Nicole Berg , Seth Adam Meyer , Ashley Conrad Keller , Attorneys, Keller Lenkner LLC, Chicago, IL, for Plaintiff-Appellant.

Sarah J. Donnell , Robert J. Kopecky , Joshua Z. Rabinovitz , Theresa Horan , Attorneys, Kirkland & Ellis LLP, Chicago, IL, for Defendants-Appellees.

Before Easterbrook, Rovner, and Sykes, Circuit Judges.


AbbVie Inc. made a tender offer to repurchase as much as $7.5 billion of its outstanding shares. It conducted a Dutch auction to determine the price. In a Dutch auction one side offers a high price, which falls until the other accepts. AbbVie, acting as a buyer, began its auction at $114. Shareholders participated by...

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