M.G. Bancorporation, Inc. v. Le Beau

HOLLAND, Justice:

This appeal is taken by Respondents-appellants, M.G. Bancorporation, Inc. (“MGB”), and Southwest Bancorp, Inc. (“Southwest”), Delaware corporations, from a final judgment of the Court of Chancery. The proceeding arises from a cash-out merger of the minority shareholders of MGB on November 17, 1993 (the “Merger”). MGB was merged into Southwest, which owned over 91% of the outstanding shares of MGB’s common stock, pursuant to 8 Del.C. § 253. The Petitioners-appellees were the record owners of 18,151 shares of MGB common stock as of the date of the Merger. The Merger…