[Download] "J.P. Stevens & Co. v. J.P. Stevens & Co." by New Castle County Court of Chancery of Delaware ~ Book PDF Kindle ePub Free
eBook details
- Title: J.P. Stevens & Co. v. J.P. Stevens & Co.
- Author : New Castle County Court of Chancery of Delaware
- Release Date : January 08, 1988
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 77 KB
Description
ALLEN, Chancellor West Point-Pepperell, Inc. ("West Point") is currently contesting with affiliates of Odyssey Partners, a
New York partnership, for control of J.P. Stevens & Co., Inc. ("Stevens"), a Delaware corporation engaged principally
in the production and marketing of textile products of various kinds. Both West Point and Odyssey have tender offers currently
outstanding to the shareholders of Stevens. Odyssey's offer, which is made through its affiliates JPS Acquisitions Corp. and
JPS Holding Corp. (who together with Odyssey Partners are referred to here simply as "Odyssey"), is for up to all of the Company's
stock at $64 per share in cash, subject to certain conditions. That offer may close no sooner than midnight April 11, 1988.
The board of directors of Stevens has endorsed and recommended acceptance of the Odyssey offer and has entered into an agreement
of merger with Odyssey. The West Point offer is for $62.50 per share cash, although West Point has stated its willingness
to pay $64 per share cash in a transaction that the Stevens board would endorse. West Point's offer is not subject to a financing
condition and may close no sooner than April 21, 1988. On March 25, 1988 West Point commenced this action against Stevens, the members of its board of directors, and against Odyssey.