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Corporations Keyed to Hazen
SEC v. Carter Hawley Hale Stores, Inc.
Citation:
760 F.2d 945 (9th Cir. 1985)Facts
On April 4, 1984 Limited commenced a cash tender offer for 20.3 million shares of CHH common stock at $30 per share. Prior to the announced offer, CHH stock was trading at $23.78 per share. On April 16, 1984 CHH responded to Limited’s offer. CHH issued a press release announcing its opposition to the offer because it was inadequate and not in the best interests of CHH or its shareholders. CHH began to repurchase its shares on April 16, 1984. In a one-hour period CHH purchased 244,000 shares at an average price of $25.25 per share. On April 24, 1984, the same day Limited was permitted to close its offer and start purchasing. After the repurchase program was announced, the SEC filed this action for injunctive relief.
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