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Terry v. Penn Central Corp.
United States Court of Appeals for the Third Circuit
668 F.2d 188 (1981)
- Written by John Caddell, JD
Facts
PCC Holdings, Inc. (Holdings) was a wholly owned subsidiary of the Penn Central Corporation (defendant). Penn Central agreed to acquire Colt Industries Inc. by merging Colt into Holdings. Howard Terry and W.H. Hunt (plaintiffs) were Penn Central shareholders and objected to the merger. The plaintiffs brought suit seeking appraisal and dissenters’ rights with respect to the transaction. The district court held that the plaintiffs did not have such rights, because Penn Central was not a party to the transaction. The plaintiffs appealed.
Rule of Law
Issue
Holding and Reasoning (Adams, J.)
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