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Business Associations Keyed to Bainbridge
Farris v. Glen Alden Corporation
Citation:
143 A.2d 25 (1958)Facts
Glen Alden is a Pennsylvania corporation engaged in the mining of anthracite coal and in the manufacture of air conditioning units and fire-fighting equipment. In October 1957, List Industries Corporation purchased through a wholly owned subsidiary 38.5% of Glen Alden’s outstanding stock. This acquisition enabled List to place three of its directors on the Glen Alden board. On March, 1958, the two corporations entered into a reorganization agreement. Two days after the agreement was executed, notice of the annual meeting of Glen Alder was mailed to the shareholders. On the day of shareholders’ meeting, plaintiff, a shareholder of Glen Alden, filed a complaint against the corporation and its officers seeking to enjoin them from executing and carrying out the agreement.
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