Ivanhoe Partners v. Newmont Mining Corp.
Delaware Chancery Court
533 A.2d 585 (1987)
- Written by Heather Whittemore, JD
Facts
Ivanhoe Partners (Ivanhoe) (plaintiff) owned 10 percent of the common stock of Newmont Mining Corporation (Newmont) (defendant) and attempted a hostile takeover of Newmont. To prevent the takeover, Newmont’s board of directors proposed a restructuring program under which Newmont would sell its nongold assets and use the proceeds to issue a $33 per share dividend to every shareholder. The board of directors believed that the dividend would be of greater value to Newmont’s shareholders than Ivanhoe’s takeover and would benefit Newmont in the long term. Ivanhoe and a group of Newmont shareholders (the plaintiff shareholders) (plaintiffs) filed a lawsuit in Delaware state court to enjoin the dividend, arguing that the dividend was intended to benefit Newmont’s board of directors and that it was excessive and amounted to waste.
Rule of Law
Issue
Holding and Reasoning (Jacobs, J.)
What to do next…
Here's why 832,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,500 briefs, keyed to 994 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.
