Legal Opinion
Grover v. Simmons
Court of Chancery of Delaware
Decided March 19, 1993No. Civ.A. No. 8453PublishedCited by 1 opinion
1Opinion of the Court
*794 OPINION
JACOBS, Vice Chancellor.
Presently sub judice are the defendants’ motions for summary judgment in this consolidated class action brought by former shareholders of Sea-Land Corporation (“Sea-Land”).
I. PROCEDURAL HISTORY
The plaintiffs in this action challenge the terms by which Sea-Land was acquired in 1986 by CSX Corporation (“CSX”) through a subsidiary (collectively, the “CSX defendants”). As structured, the acquisition itself was unremarkable. On April 21, 1986, CSX proposed to acquire Sea-Land at $28 per share (the “CSX Offer”). On April 25, 1986, the two companies signed a merger…
2Cases cited22 opinions
- Celotex Corp. v. Catrett, Administratrix of the Estate of CatrettSupreme Court of the United States · 1986
- Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc.Supreme Court of Delaware · 1986
- Smith v. Van GorkomSupreme Court of Delaware · 1985
- Unocal Corp. v. Mesa Petroleum Co.Supreme Court of Delaware · 1985
- Stroud v. GraceSupreme Court of Delaware · 1992
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3Cited by1 opinion
- In Re Sea-Land Corp. Shareholders LitigationCourt of Chancery of Delaware · 1993