Alan Russel Kahn v. Tremont Corporation

WALSH, Justice, with whom HOLLAND, Justice joins. This is an appeal by a plaintiff-shareholder, Alan R. Kahn (""Kahn""), from a decision of the Court of Chancery which approved the purchase by Tremont Corporation (""Tremont"") of 7.8 million shares of the Common Stock of NL Industries, Inc. (""NL""). The shares, constituting 15% of NL's outstanding stock, were purchased from Valhi, Inc. (""Valhi""), a corporation which was 90 percent owned by a trust for the family of Harold C. Simmons (""Simmons""). 1 In turn. Valhi was the owner of a majority of NL's outstanding stock and controlled Tremont through the ownership of 44% of its outstanding shares.