Destag of North America, Inc. v. LAN International, Inc.

Beasley, Judge.

Destag of North America, Inc., the sole majority shareholder of Rowan Granite Quarry, Inc., brought this action in equity against Rowan’s sole minority shareholder, LAN International, Inc., seeking specific performance of stock purchase rights under a shareholders’ agreement.

Subparagraph 2 (a) of the agreement requires any shareholder desiring to sell any of his shares to first obtain “a bona fide written offer” to purchase all of the shares for a fixed cash price and, within seven days after receipt of the offer, to transmit to the company and other shareholders copies of the…