Alabama By-Products Corp. v. Neal

HOLLAND, Justice:

This appeal challenges an appraisal, pursuant to 8 Del.C. § 262, of approximately 120,000 shares of the stock of Alabama By-Products Corporation (“ABC”). Following a short-form merger between ABC and Drummond Holding Corporation (“Drummond”) effective August 13, 1985, ABC was absorbed into Drummond. The ABC minority shareholders were cashed-out, pursuant to the merger, and received $75.60 per share. That consideration reflected the $75.00 per share paid to ABC shareholders pursuant to a tender offer less than six months earlier, plus a $.60 quarterly dividend that had been…