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HUMANA, INC. v. AMERICAN MEDICORP, INC.

No. 77 Civ. 4809.

445 F.Supp. 613 (1977)

HUMANA, INC., Plaintiff, v. AMERICAN MEDICORP, INC., Defendant.

United States District Court, S. D. New York.

December 28, 1977.

Attorney(s) appearing for the Case

Fried, Frank, Harris, Shriver & Jacobson, New York City, for plaintiff; Milton R. Ackman, New York City, of counsel.

Skadden, Arps, Slate, Meagher & Flom, New York City, for defendant; Michael H. Diamond, Robert E. Zimet, New York City, of counsel.

LASKER, District Judge.

On September 27, 1977, Humana advised Medicorp by letter that it intended to make an offer to acquire up to 75% of the outstanding shares of Medicorp on the basis of an exchange of cash and securities. The offer constituted a clear premium over the then market price of Medicorp stock. Very shortly after receipt of Humana's letter the Medicorp Board of Directors resolved that the offer was not advantageous to its stockholders and informed them...

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