AC Acquisitions Corp. v. Anderson, Clayton & Co.

OPINION

ALLEN, Chancellor.

This case involves a contest for control of Anderson, Clayton & Co., a Delaware corporation (“Anderson, Clayton” or the “Company”). Plaintiffs, Bear, Steams & Co., Inc., Grass Petroleum Corp. and Grass Partners (“BS/G”) are shareholders of Anderson, Clayton who, through a newly formed corporation — AC Acquisitions Corp. —are currently making a tender offer for any and all shares of Anderson, Clayton at $56 per share cash. That offer, which may close no earlier than midnight tonight, is subject to several important conditions as detailed below. BS/G has announced an…