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Corporations Keyed to Hazen
St. Louis Union Trust Co. v. Merrill Lynch, Pierce, Fenner & Smith Inc.
Citation:
562 F.2d 1040 (8th Cir. 1977)Facts
In 1947, Kenneth Bitting operated a stock brokerage partnership known as Bitting, Jones & Company. In that year, the Bitting partnership merged into Merrill Lynch, which was then became the St. Louis office of Merrill Lynch. In 1951, Bitting became a general partner of the firm. In 1959, the Merrill Lynch partnership was dissolved and the business was incorporated. On October 8, 1970, Kenneth Bitting died. Pursuant to its charter, Merrill Lynch exercised its option to purchase the 40,000 shares at a price of $26,597 per share. The option was exercised by the company on November 1970. Between 1959 and 1971, Merrill Lynch was a privately held company. On April 12, 1971, the company publicly announced that it was going public that it was going to make its shares available to the public. On June 1971, following registration with the SEC, four million shares of the company’s stock was offered to the public at a price of $28 per share.
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