Apartment Properties, Inc. v. Luley

The appellee, a shareholder in the Port Realty Corporation, brought this action pursuant to Section 37 of the Indiana General Corporation Act, Ind. Ann. Stat. § 25-236 (1968 Supp.), upon the merger of that corporation into the appellant, Apartment Properties, Inc. This statute permits a shareholder who dissents to a corporate merger to petition a trial court to appraise the value of his shares and provides that the surviving corporation must redeem, these shares from the dissenting shareholder at this appraised evaluation.

“If any shareholder of any corporation a party to a merger or…