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Corporations Keyed to Klein
Kern County Land Co. v. Occidental Petroleum Corp
Facts
Respondent made a tender offer to purchase shares of the company that preceded Petitioner company. Respondent ended up with over 10% of the stock. The preceding company, in a defensive strategy to avoid Respondent’s takeover, sought another company to overbid Respondent. Another company, Tenneco, stepped forward, outbid Respondent and made Petitioner company out of the former company. The shareholders received a share-for-share swap of the old company for Tenneco stock. To the dissatisfaction of both parties, the transaction made Respondent a minority shareholder in a competitor’s stock. Respondent then agreed to a binding option sell back the Tenneco shares to Tenneco after six months, and the deal netted Respondent $19 million. Petitioner brought this action to recover the profit under Section: 16(b) which allows a company to capture from beneficial shareholders (shareholders owning over 10% of the total shares) any profits from a sale that occurs within six months of the pu rchase of the shares.
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