Arco Chemical persuaded a Delaware Chancery Court judge to throw out a lawsuit filed by a former stock owner who said she'd been shortchanged in a $1.15 billion acquisition by rival Lyondell Chemical. Mary McMullen claimed Arco's board didn't shop around for the best price and hid information about the deal from investors. But Judge Myron T. Steele dismissed her suit. "The plaintiff pleads no facts showing that Arco Chemical's board acted out of self-interest or with gross negligence," Steele said.
December 29, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Arco Chemical Co. persuaded a Delaware Chancery Court judge to throw out a lawsuit filed by a former stock owner who said she’d been shortchanged in a $1.15 billion acquisition by rival Lyondell Chemical Co.
Newtown Square, Pa.-based Arco Chemical, maker of antifreeze, paint and engine-fuel compounds, agreed in 1998 to be acquired by Houston-based plastics and petroleum chemical-maker Lyondell for $57.75 per share — 14 percent over the market price of the shares at the time.
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