ConAgra, Inc. v. Tyson Foods, Inc.
United States District Court for the District of Nebraska
708 F. Supp. 257 (1989)
ConAgra, Inc. (plaintiff) filed a federal-court suit against Tyson Foods, Inc. (Tyson) (defendant) in connection with the two companies’ contest for control of the Holly Farms Corporation. Tyson filed a counterclaim for preliminary injunctive relief, alleging that ConAgra’s press release constituted a proxy solicitation. Tyson further alleged that ConAgra’s press release failed to comply with the proxy-solicitation requirements of § 14(a) of the Securities Exchange Act of 1934 and its implementing Securities and Exchange Commission Rule 14a-3 because the release was not mailed to Holly Farms’ shareholders and because the release omitted certain information that proxy solicitations were required to include. ConAgra responded that the press release was meant only to inform the public about important corporate developments, made no mention of proxy votes, and was issued before any shareholders’ meeting had been scheduled.
Rule of Law
Holding and Reasoning (Robinson, J.)
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