Opinion ID: 437628
Heading Depth: 2
Heading Rank: 4

Heading: Role of Kidder, Peabody & Co. in Merger

Text: 17 Finally, appellants argue that the proxy statement should have disclosed various circumstances surrounding the evaluation of Patriots' shares performed by Kidder, Peabody & Co., which recommended the offering price of $15.00 per share. The district court found that appellants had been unable to prove any undue influence on Kidder, Peabody & Co., Inc. by the management of the Patriots. Appellants argue, however, that the proxy statement should have disclosed that Kidder, Peabody & Co. was retained at the recommendation of the Sullivans; that the firm didn't know very much about the football club business; and that some of the figures the firm used in reaching its $15.00 per share valuation were open to question. We cannot say of any of these pieces of information that there existed a substantial likelihood that the disclosure of the omitted fact would have been viewed by the reasonable investor as having significantly altered the 'total mix' of information made available. TSC Industries, 426 U.S. at 449, 96 S.Ct. at 2132 (footnote omitted).