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Cede & Co. v. Technicolor, Inc.
Delaware Chancery Court
2003 WL 23700218 (2003)
Facts
Technicolor, Inc. (defendant) was acquired by the company MacAndrews and Forbes Group, Inc., in a merger finalized on January 24, 1983. Cinerama, Inc. (plaintiff) owned 4.4 percent of the Technicolor common stock, whose holders were cashed out at $23 per share. Cinerama, through its nominee, Cede & Co., dissented from the merger and sought an appraisal of the stock value. The resulting proceedings encompassed an extensive series of trials, appeals, and remands. Before the fifth remand to the Delaware Chancery Court, the Delaware Supreme Court stipulated that $23 per share was the highest allowable price.
Rule of Law
Issue
Holding and Reasoning (Chandler, J.)
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