Zetlin v. Hanson Holdings, Inc.

48 N.Y.2d 684, 397 N.E.2d 387 (1979)

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Nature of the Case

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Facts

Zetlin (P) owned approximately 2% of the outstanding shares of Gable Industries, Inc. Hanson Holdings (D) owned, together with the Sylvestri family, 44.4% of Gable's shares. D sold its interest to Flintkote Co. for a premium of $15 per share when Gable was selling on the open market at $7.38 per share. The 44.4% acquired by Flintkote represented effective control of Gable.