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Business Planning Keyed to Gevurtz
Katz v. Bregman
Citation:
431 A.2d 1274 (1981)Facts
Plant Industries, Inc., a Delaware corporation primarily engaged in manufacturing steel drums for bulk shipping and storage, had disposed of several unprofitable U.S. subsidiaries by the end of 1980. The company then sought to sell its Canadian subsidiary, Plant National (Quebec) Ltd., which constituted Plant’s entire business operation in Canada and had been its only income-producing facility for the previous four years. The Canadian operations represented 51% of Plant’s remaining assets, 44.9% of sales revenues, and 52.4% of pretax net operating income. While Plant National had been consistently profitable, the U.S. operations had experienced losses. The board entered into a contract to sell the Canadian subsidiary to Vulcan Industrial Packaging, Ltd., despite higher bids from Universal Drum Reconditioning Co. The stated purpose of the sale was to raise cash and improve Plant’s balance sheets. After the proposed sale, Plant intended to shift its business focus from steel drums to plastic drums.
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