Universal Leaf Tobacco Company, Incorporated v. Congoleum Corporation

HAYNSWORTH, Chief Judge:

Universal Leaf Tobacco Company sought and was denied a preliminary injunction preventing Congoleum Corporation from making a tender offer for the outstanding common stock of Universal Leaf. Universal Leaf has appealed from the denial of that preliminary injunction.

Denial of the injunctive relief was predicated upon a finding that the contemplated offering price of $32.50 per share was not likely to produce a tender of more than 10 to 15% of Universal’s stock, and, hence, there was no immediate danger of irreparable injury to Universal. Universal’s president, indeed,…