Tanzer v. International General Industries, Inc.

HARTNETT, Vice Chancellor.

This action arose out of the merger of defendant — KLK Corporation (“KLK”) into defendant — Kliklok Corporation (“Klik-lok”). At the time of the merger defendant — International General Industries, Inc. (“I.G.I.”) owned 81% of Kliklok’s outstanding common stock and all of KLK’s outstanding stock. Plaintiffs (the Tanzers) were also owners of stock in Kliklok and sued in this Court to prevent the merger by preliminary injunction, alleging that the sole purpose of the merger was to serve the interest of the parent, I.G.I. The Tanzers also sued the officers and directors…