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1
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MEMORANDUM OPINION
|
EXTRACTED KEY WORDS
MONSANTO CROSS-CLAIM MISSISSIPPI SHAREHOLDER DELAWARE COURT COMPLAINT AGREEMENT YORK MERGER PARTIES BREACH PLAINTIFFS DECLARATORY MOTION CONTRACT TERMINATION FEE SUIT FORUM DISMISS FILING DEFENDANT PENDING REASON PURPOSES LAND DIRECTORS CONTENDS ASSERTION |
IN THE COlJRT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
.
IN RE DELTA AND PINE LAND ) Consolidated
CO\/lPANY S H A R E H O L D E R S ) Civil Action No. 17707
LITIGATION > . .
`, _-
:
MEMORANDUM OPINION
Date Submitted: June 1, 2000
Date Decided: July 17, 2000
Norman M. Monhait, of ROSENTHAL, MONHAIT, GROSS &
GODDESS, P.A.., Wilmington, Delaware; OF COUNSEL: MILBERG
WEISS BERSHAD HYNES & LERACH LLP, New York, New York;
STILL STULL & BRODY, New York, New York; SAVETT FRUTKIN
PODELL & RYAN, P.C., Philadelphia, Pennsylvania; JAROSLAWICZ &
JAROS, New York, New York; BEATIE and OSBORN, New York, New
York: LEVIN FISHBEIN SEDRAN & BERMAN, Philadelphia,
Pennsylvania; `WEISS & YOURMAN, New York, New York; and SMITH,
M.ACKINNON, GREELEY, BOWDOIN & EDWARDS, P.A., Orlando,
Florida, Attorneys for Plaintiffs.
Jon E,. Abramczyk, and Jessica Zeldin, of MORRIS, NICHOLS, ARSHT &
TIJNNELL, Wilmingl:on, Delaware; OF COUNSEL: Allen Kezsbom and
Jennifer L. Colyer, of FRIED, FRANK, HAR.RIS, SHRIVER &
JA.COBSON, New York, New York; David Boies, and Philip C. Korologos,
of BOIES, SCIHILLER & FLEXNER, LLP, Armonk, New York, Attorneys
for Defendants Rudr E. Scheidt, Jon E.M. Jacoby, Nam-Hai Chua, Joseph A.
Murphy, Stanley P. R.oth, Roger D. Malkin and Nominal Defendant Delta
and Pine Land Company.
Donald J. Wolfe, Jr., and Richard L. Horwitz, of POTTER ANDERSON &
CORROON LLP, Wilmington, Delaware; OF COUNSEL: KIRKLAND &
ELLIS, Chicago', Illinois, Attorneys for Defendant/Cross-Claim Plaintiff
Monsanto Company.
CHANDLER, Chancellor
On December 30, 1999, shareholders of Delta & Pine Land Company
(`"Delta" or the "Company") filed a derivative claim against the Company's
board of directors in connection with the failed merger between Delta and
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2
.
MEMORANDUM OPINION
|
EXTRACTED KEY WORDS
PLAINTIFFS COUNSEL COURT DELTA MONSANTO DELAWARE MERGER YORK DIRECTORS AMENDED COMPLAINT DELTA BOARD AGREEMENT DEL MISSISSIPPI DEMAND TERMINATION FEE ANTITRUST CLEARANCE TRANSACTION INDEPENDENCE CLASS CLAIM PARTICULARIZED FACTS WILMINGTON LLP DEFENDANTS LITIGATION DEMAND FUTILITY BUSINESS JUDGMENT PENNSYLVANIA DAVID BOIES |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FORNEW CASTLE COUNTY v ;? R
i ?;; a;:jb
q*; (:`=
y 1. I;
-`- _A
: -,
IN RE DELTA AND PINE LAND ) Consolidated i,`. T-J)
COMPANY SHAREHOLDERS ) Civil Action No. 17707 ::.
LITIGATION > ; _,1 `.` _. c
SNIPPETS:
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3
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MONSANTOS SUPPLEMENTAL MEMORANDUM IN OPPOSITION TO MOTION TO STAY OR DISMISS
|
EXTRACTED KEY WORDS
MONSANTO COURT DELAWARE MISSISSIPPI MOTION SHAREHOLDERS DELTA PINE DISMISS LAW MERGER AGREEMENT LITIGATION PENDING CHANCERY SUIT DELTA PINE BOARD DIRECTORS DISMISS CROSS CLAIM OPPOSITION BOLIVAR COUNTY FAILED MERGER COMPLAINT JURISDICTION NEGOTIATIONS PINE COMMON STOCK FINANCIAL ADVISOR REPRESENTATIVES PROPOSED MERGER OBLIGATIONS |
IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE DELTA AND PINE LAND CONSOLIDATED `: .:
COMPANY SHAREHOLDERS LITIGATION ; CIVIL ACTION-NO. 17707 NC
- MONSANTO'S SUPPLEMENTAL MEMORANDUM iN ,
OPPOSITION TO MOTION TO STAY OR DISMISS CROSS CLAIM ix>
_... , j
-1
.- Because of the somewhat fragmented briefing on this motion and developments
since the initial briefs were `riled, Monsanto respectfully submits this brief to highlight
-
points in our opposition to Delta's Motion to Stay or Dismiss Cross Claim.' We also file this
- brief because Delta has persisted in making arguments - including during last week's oral
-. argument - that either misstate or seriously distort key points of fact and law.
I. The Mississippi Court Has Already Determined
- That This Dispute Should Be Resolved In Delaware.
On March 13,2000, the Circuit Court of Bolivar County Mississippi entered an
--
order staying Delta's action there "pending the outcome of the litigation currently pending
-. Delaware Court of Chancery." (3/13/00 Order at 4; Exhibit A attached hereto). In considering
whether to stay the action, the Mississippi Court noted that the Delaware action included
-
claims by Delta shareholders against Monsanto and Delta's directors, and (b) Monsanto's cross-
claim seeking a declaration "that Monsanto had met its obligation under the Merger Agreement
and had no further obligations to D&PL arising from the failed merger." (Id. at 2) The court
pointed to several factors supporting its decision to stay the Mississippi action, including:
"that the Delaware action is the more comprehensive action," (2) that no "inconvenience of the
' Some of the points in this brief were made in the brief of Monsanto tiled in connection with
Delta's motion to dismiss the shareholders' complaint. They are included concisely here so
the Court may have in a single brief Monsanto's supplemental arguments on this motion.
parties" had been shown to support denial of the stay, (3) that the Merger Agreement is
SNIPPETS:
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4
.
REPLY BRIEF OF DEFENDANTS IN SUPPORT OF MOTION TO DISMISS
|
EXTRACTED KEY WORDS
MONSANTO COURT PINE LAND COMPANY DELAWARE DEL DEFENDANTS SHAREHOLDER MISSISSIPPI MOTION YORK DEFENDANT DELTA SUPPORT SUIT DIRECTORS DEMAND FUTILITY LITIGATION DAVID BOIES COMPLAINT ALLEGATIONS INDEPENDENCE NAM-HA1 CHUA NOMINAL DEFENDANT DELTA PROFESSIONAL CORPORATIONS TERMINATION FEE PARTICULARIZATION AGREEMENT LLP KOROLOGOS AUTHORITIES |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
JOSEPH E. SLEIMAN and
HOWARD LAXER,
Plaintiffs, C. A. No. 17707
V.
RUDI E. SCHEIDT, JON E.M.
JACOBY, NAM-HA1 CHUA,
JOSEPH M. MURPHY, STANLEY
P. ROTH, and ROGER D. MALKIN
Defendants,
and
MONSANTO COMPANY,
Defendant/Cross-
Claim Plaintiff,
and
DELTA and PINE LAND COMPANY,
Nominal Defendant/
Cross-Claim Defendant
REPLY BRIEF OF DEFENDANTS
RUDI IE. SCHEIDT, JON E.M. JACOBY, NAM-HA1 CHUA, JOSEPH M. MURPHY,
STANLEY P. ROTH AND ROGER D. MALKIN
4ND NOMINAL DEFENDANT DELTA AND PINE LAND COMPANY
IN SUPPORT OF THEIR MOTION TO DISMISS
MORRIS, NICHOLS, ARSHT & TUNNELL
Jon E. Abramczyk
Jessica Zeldin
1201 N. Market Street
Wilmington, Delaware 19899-1347
(302) 658-9200
Attorneys for Defendants Rudi E. Scheidt, Jon
E.M. Jacoby, Nam-Hai Chua, Joseph A. Murphy,
Stanley P. Roth, Roger D. Malkin and Nominal
Defendant Delta and Pine Land Company
SNIPPETS:
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5
.
SUPPLEMENTAL BRIEF OF DELTA AND PINE LAND IN RESPONSE TO MONSANTO ...
|
EXTRACTED KEY WORDS
MISSISSIPPI DELAWARE MOTION DISMISS LITIGATION PLAINTIFFS DELTA PINE LAND COMPANY CROSS CLAIM MONSANTO CHANCERY YORK DEL SHAREHOLDER LITIGATION AGREEMENT DEFENDANT DAVID BOIES MISSISSIPPI ORDER DERIVATIVE ACTION CROSS-CLAIM SECOND AMENDED COMPLAINT ATTORNEYS DECLARATORY JUDGMENT PUNITIVE DAMAGES YORK PLAZA SCHILLER FLEXNER LLP AUTHORITIES |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
JOSEPH YE. SLEIMAN and
HOWAIUD LASKER,
Plaintiffs, i
V. 1 C. A. No. 17707
RUDI E. SCHEIDT, JON E.M. i
JACOBY, NAM-HA1 CHUA,
JOSEPH M. MURPHY, STANLEY ;
P. ROTH, and ROGER D. MALKIN )
Defendants, `,
and ;
MONSANTO COMPANY, i
DefendantiCross- ;
Claim Plaintiff,
1
and
;
DELTA and PINE LAND COMPANY, )
Nominal Defendant/ 1
Cross-Claim Defendant )
SUPPLEMENTAL BRIEF OF DELTA AND
PINE LAND COMPANY IN RESPONSE TO MONSANTO'S
RESPONSE TO DELTA AND PINE LAND COMPANY'S
MOTION TO DISMISS SECOND AMENDED COMPLAINT
MORRIS, NICHOLS, ARSHT & TUNNELL
Jon E. Abramczyk
Jessica Zeldin
1201 N. Market Street
Post Office Box 1347
Wilmington, Delaware 19899-1347
(302) 658-9200
Attorneys for Defendants Rudi E. Scheidt, Jon
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6
.
MONSANTOS RESPONSE TO BRIEF OF DELTA AND PINE LAND DEFENDANTS IN SUPPORT OF MOTION TO DISMISS
|
EXTRACTED KEY WORDS
MONSANTO DELAWARE DELTA SHAREHOLDERS COMPLAINT CHANCERY LITIGATION MOTION DEL MISSISSIPPI SUPPORT DISMISS DISPUTE DEFENDANT/CROSS-CLAIM PLAINTIFF MERGER AGREEMENT JURISDICTION MONSANTO COMPANY FORUM SHOPPING SECOND AMENDED COMPLAINT POTTER ANDERSON LCORROON LLP COUNSEL HORWITZ KIRKLAND HERCULES PLAZA NORTH MARKET STREET MARKET STREET CHICAGO WILMINGTON ATTORNEYS AUTHORITIES |
IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE DELTA AND PINE LAND COMPANY ) CONSOLIDATED
SHAREHOLDERS LITIGATION ) CIVIL ACTION NO. 17707 NC
MONSANTO'S RESPONSE TO BRIEF OF DELTA AND PINE LAND DEFENDANTS
IN SUPPORT OF MOTION TO DISMISS SECOND AMENDED COMPLAINT
: I
POTTER ANDERSON & lCORROON LLP
OF COUNSEL: Donald J. Wolfe, Jr.
Richard L. Horwitz
Kirkland & Ellis Hercules Plaza
200 East Randolph Drive 13 13 North Market Street
Chicago, Illinois 60601 P. 0. Box 951
(312) 861-2000 Wilmington, Delaware 19899
(302) 984-6000
DATED: May 8,200O Attorneys for Defendant/Cross-Claim Plaintiff
Monsanto Company
TABLE OF AUTHORITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii
ARGUMENT.. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SNIPPETS:
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7
.
OPENING BRIEF OF DEFENDANTS IN SUPPORT OF MOTION TO DISMISS 2ND AMENDED COMPLAINT
|
EXTRACTED KEY WORDS
PLAINTIFFS COMPLAINT COURT DEMAND AMENDED COMPLAINT DELAWARE DEL MERGER AGREEMENT MOTION DEFENDANTS FAILURE DISMISS SHAREHOLDERS COMPL CHANCERY MISSISSIPPI PINE LAND FIRST COMPLAINT LITIGATION CROSS-CLAIM SECOND AMENDED COMPLAINT TERMINATION FEE DERIVATIVE CLAIM DIRECTORS ALLEN KEZSBOM DECLARATORY JUDGMENT TRANSACTION ALLEGATIONS BUSINESS JUDGMENT RULE |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
JOSEPH E. SLEIMAN and
HOWARD LASKER,
Plaintiffs,
V. C. A. No. 17707
RUDI E. SCHEIDT, JON E.M.
JACOBY, NAM-HA1 CHUA,
JOSEPH M. MURPHY, STANLEY
P. ROTH, and ROGER D. MALKIN
Defendants,
and
MONSANTO COMPANY,
DefendantiCross-
Claim Plaintiff,
and
DELTA and PINE LAND COMPANY,
Nominal Defendant/
Cross-Claim Defendant
OPENING BRIEF OF DEFENDANTS RUDI E. SCHEIDT, JON E.M. JACOBY, NAM-
HA1 CHUA, JOSEPH M. MURPHY, STANLEY P. ROTH, AND ROGER D. MALKIN
AND NOMINAL DEFENDANT DELTA AND PINE LAND COMPANY IN SUPPORT
OF THEIR MOTION TO DISMISS PLAINTIFFS' SECOND AMENDED COMPLAINT
MORRIS, NICHOLS, ARSHT & TUNNELL
Jon E. Abramczyk
Jessica Zeldin
1201 N. Market Street
Post Office Box 1347
Wilmington, Delaware 19899-1347
(302) 658-9200
Attorneys for Defendants Rudi E. Scheidt, Jon
SNIPPETS:
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8
.
AMENDED COMPLAINT
|
EXTRACTED KEY WORDS
DELTA INDIVIDUAL DEFENDANTS PLAINTIFFS SHAREHOLDERS MERGER AGREEMENT DIRECTORS FIDUCIARY DUTIES DAMAGES COMPLAINT ACT STOCKHOLDERS RELIEF TRANSACTION DOJ ACQUISITION FAITH ANTITRUST CLEARANCE PRINCIPAL SHAREHOLDERS RELEVANT TIMES GOVERNMENTAL APPROVALS COMMON STOCK CROSS-CLAIM AMENDED COMPLAINT TECHNOLOGY SUITABLE BUYER MISSISSIPPI ACTION STONEVILLE COMMERCIALLY REASONABLE EFFORTS TERMINATION FEE |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
-------------------------------------------------------------x 2.
JOSEPH E. SLEIMAN ,< :
1,'
and HOWARD LASKER, .,
Plaintiffs,
V. : Civil Action No. 17707 MC
-
RUDI E. SCHEIDT, JON E.M. JACOBY,
..
NAM-HA1 CHUA, JOSEPH M. MURPHY,
STANLEY P. ROTH, ROGER D. MALKIN,
and MONSANTO COMPANY,
Defendants.
and
MONSANTO COMPANY,
Defendant/Cross-Claim
Plaintiff,
and
DELTA and PINE LAND COMPANY,
Nominal Defendant/
Cross-Claim Defendant.
AMENDED COMPLAINT
Plaintiffs, as and for their amended complaint, allege upon information and belief, except
as to themselves and their own acts which they allege upon knowledge, as follows:
NATURE OF THE ACTION
1. This is a stockholders' derivative action on behalf of Delta and Pine Land
Company ("Delta" or the "Company"), as well as a class action on behalf of the public
SNIPPETS:
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9
.
PLAINTIFFS BRIEF IN OPPOSITION TO MOTION TO DISMISS OR STAY
|
EXTRACTED KEY WORDS
COURT DELTA MONSANTO PLAINTIFFS CROSS-CLAIM MOTION DEFENDANT ARIAD FACTS YORK DEL MERGER PINE LAND HFTP SUPR MISSISSIPPI ACTION SECOND DELAWARE ACTION MONSANTO COMPANY STULL INVESTMENTS SHAREHOLDER MERGER AGREEMENT COMPLAINTS LLP PENNSYLVANIA PLAZA CASTLE COUNTV FIRST BUSINESS PARTNERSHIP DIRECTORS |
IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
________________________________________------------- ------------x
JOSEPH E. SLEIMAN
and HOWARD LASKER, Plaintiffs,
V. : Civil Action No. 17707 NC
RUDI E. SCHEIDT, JON E.M. JACOBY,
NAM-HA1 CHUA, JOSEPH M. MURPHY,
STANLEY P. ROTH, and ROGER D. MALKIN, :
Defendants.
and
MONSANTO COMPANY,
Defendant/Cross-Claim Plaintiff, :
V.
DELTA and PINE LAND COMPANY,
Nominal Defendant/Cross-Claim :
Defendant.
PLAINTIFFS' BRIEF IN OPPOSITION
TO DELTA AND PINE LAND COMPANY'S MOTION TO DISMISS OR STAY
MONSANTO COMPANY'S CROSS-CLAIM
ROSENTHAL, MONHAIT, GROSS & GODDESS, P.A.
Norman M. Monhait
Suite 1401, Mellon Bank Center
P.O. Box 1070
Wilmington, Delaware 19899- 1070
OF COUNSEL: (302) 656-4433
Attorneys for Plaintiffs
MILBERG WEISS BERSHAD HYNES
& LERACH, LLP
One Pennsylvania Plaza
New York, New York 10119
(212) 594-5300
STULL, STULL & BRODY
6 East 4Sh Street
New York, NY 10017
(2 12) 687-7230
March 2, 2000
SNIPPETS:
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10
.
ANSWERING BRIEF OF MONSANTO IN OPPOSITION TO MOTION TO DISMISS OR STAY
|
EXTRACTED KEY WORDS
MONSANTO DELTA COURT MOTION DEL DISMISS LEXIS CHANCERY PLAINTIFF MERGER CORN DEFENDANT PINE LAND COMPANY MISSISSIPPI MERGER AGREEMENT SHAREHOLDERS DELAWARE LAW LITIGATION COMPLAINT CONVENIENS CROSS-CLAIM WITNESSES JURISDICTION INCONVENIENCE OPPOSITION ADVANCED DRIVERS OBLIGATIONS SIGNIFICANT UNDUE HARDSHIP GOVERNMENT |
IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
JOSEPH E. SLEIMAN and
HOWARD LASKER,
Plaintiffs, 1
V. ; Civil Action No. 17707
RUDI E. SCHEIDT, JON E.M. JACOBY, 1
NAM-HAI CHUA, JOSEPH M. MURPHY, )
STANLEY P. ROTH, and ROGER D. MALKIN, ) r.. :
: `!
: `.'
Defendants, t : .I
:
and ; .
MONSANTO COMPANY, t i: `.
A 1,s
Defendant/Cross-Claim Plaintiff, i
V. ;
DELTA AND PINE LAND COMPANY, ;
Nominal Defendant/Cross-Claim ;
Defendant. )
ANSWERING BRIEF OF MONSANTO COMPANY IN OPPOSITION TO THE
MOTION TO DISMISS OR STAY OF DELTA AND PINE LAND COMPANY
POTTER ANDERSON & CORROON LLP
OF COUNSEL: Donald J. Wolfe, Jr.
John E. James
Kirkland & Ellis Richard L. Horwitz
200 East Randolph Drive Hercules Plaza
Chicago, Illinois 60601 13 13 North Market Street
(312) 861-2000 I'. 0. Box 95 1
Wilmington, Delaware 19899
(302)984-6000
DATED: February 24,200O Attorneys for Defendant/Cross-Claim Plaintiff
Monsanto Company
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11
.
AMENDED ANSWER OF DEFENDANT MONSANTO AND CROSSCLAIM COMPLAINT AGAINST DEFENDANT DELTA AND PINE LAND
|
EXTRACTED KEY WORDS
ALLEGATIONS PARAGRAPH AGREEMENT MERGER AGREEMENT DELTA DEFENDANTS RESPONSE INFORMATION SUFFICIENT REQUIRING ADMIT ANTITRUST LACKS KNOWLEDGE COMPLAINT COURT PLAINTIFFS TERMINATE DENY REGULATORY PARAGRAPH CONSISTS WRONGDOING OBLIGATIONS APPROVE BREACH CLASS ACTION RESPECTFULLY REFERS THEREOF GOVERNMENT REASONABLE EFFORTS ANTITRUST DIVISION |
IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY /
JOSEPH E. SLEIMAN and
HOWARD LASKER, i
Plaintiffs, 1
V. i Civil Action No. 17707
RUDI E. SCHEIDT, JON E.M. JACOBY, ;
NAM-HA1 CHUA, JOSEPH M. MURPHY,
STANLEY P. ROTH, AND ROGER D. MALKIN ;>
Defendants.
i
and >
MONSANTO COMPANY, ;
Defendant/Cross-Claim Plaintiff, p-' `7
1 i
and ; :
DELTA and PINE LAND COMPANY, 1>
Nominal DefendantlCross-Claim Defendant. )
AMENDED ANSWER OF DEFENDANT/CROSS-CLAIM PLAINTIFF MONSANTO
COMPANY AND CROSSCLAIM COMPLAINT AGAINST DEFENDANTKROSS-
CLAIM DEFENDANT DELTA AND PINE LAND
Defendant Monsanto Company ("Monsanto"), by its undersigned counsel, hereby
answers the Stockholders' Derivative and Class Action Complaint, dated December 30, 1999, as
follows:
1
1. Denied, except (i) admitted that plaintiffs purport to bring this action as a
SNIPPETS:
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12
.
ANSWER OF MONSANTO
|
EXTRACTED KEY WORDS
ALLEGATIONS PARAGRAPH RESPONSE REQUIRSZD ADMIT LACKS KNOWLEDGE INFORMATION SUFFICIENT MERGER AGREEMENT DEFENDANTS COMPLAINT DENY WRONGDOING PARAGRAPH CONSISTS PLAINTIFFS COURT DELTA RESPECTFULLY REFERS MONSANTO COMPANY PLAINTIFFS PURPORT THEREOF REGULATORY FIRST SENTENCE PROVISIONS ALLEGATION STATES RELIEF ATTORNEYS REFERENCE MONSANTO DENIES BALANCE |
IN `THE COURT OF CHANCERY IN THE STATE OF DELAWARE i
i.;
IN AND FOR NEW CASTLE COUNTY
JOSEPH E. SLEIMAN and >
HOWARD LASKER,
i
Plaintiffs,
1
V. > Civil Action No. 17707
RUDI E. SCHEIDT, JON E.M. JACOBY, i
NAM-HA1 CHUA, JOSEPH M. MURPHY,
STANLEY P. ROTH, ROGER D. MALKIN, i
and MONSANTO COMPANY,
;
Defendants. >
and i
DELTA and PINE LAND COMPANY, i
Nominal Defendant.
ANSWER OF MONSANTO COMPANY
Defendant Monsanto Company ("Monsanto"), by its undersigned counsel, hereby
answers the Stockholders' Derivative and Class Action Complaint, dated December 30, 1999, as
follows:
1. Denied, except (i) admitted that plaintiffs purport to bring this action as a
class and derivative action and (ii) Monsanto lacks knowledge or information sufficient to admit
or deny the last sentence of paragraph 1 oft he complaint.
2!. Monsanto lacks knowledge or information sufficient to admit or deny the
allegations in thds paragraph.
3 Admitted
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13
.
STOCKHOLDERS DERVIATIVE AND CLASS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
MONSANTO INDIVIDUAL DEFENDANTS MERGER AGREEMENT PLAINTIFFS SHAREHOLDERS FIDUCIARY DUTIES RELIEF DIRECTORS FAITH ACTS DAMAGES PRINCIPAL SHAREHOLDER FAILING UNILATERALLV TERMINATES STOCKHOLDERS ACQUISITION SALES TRANSACTION COMMON STOCK BREAK-UP FEE CONNECTION NAM-HA1 CHUA CLASS ACTION COMPLAINT TERMINATION FEE STRATEGIC ALTERNATIVES GENETICALLY-MODIFIED COTTON FIDUCIARY OBLIGATIONS BUSINESS JUDGMENT WRONGFUL ACTIONS |
IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
_______________-____---------------------------.-------------------- X
JOSEPH E. SLEIMAN
and HOWARD LASKER,
Plaintiffs,
V. : Civil
RUDI E. SCHEIDT, JON E.M. JACOBY,
NAM-HA1 CHUA, JOSEPH M. MURPHY,
STANLEY P. ROTH, ROGER D. MALKIN,
and MONSANTO COMPANY,
Defendants.
and
DELTA and PINE LAND COMPANY,
Nominal Defendant.
______________---___----------------------------------------------- X
STOCKHOLDERS' DERIVATIVE AND CLASS ACTION COMPLAINT
Plaintiffs, as and for their complaint, allege upon information and belief, except as
to themselves and their own acts which they allege upon knowledge, as follows:
NATURE OF THE ACTION
1. This is a stockholders' derivative action on behalf of Delta and Pine Land
Company ("Delta" or the "Company"), as well as a class action on behalf of the public
shareholders of Delta, seeking damages and/or other appropriate relief in connection with
the failed acquisition of Delta by defendant Monsanto Company ("Monsanto"), one of
Delta's principal shareholders. Plaintiffs charge that the individual defendants, who
1
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