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Albert Trostel & Sons Company v. Edward Notz and Sandra K. Notz

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ARGUED SEPTEMBER 21, 2011–

Before EASTERBROOK, Chief Judge, and TINDER and HAMILTON, Circuit Judges.

Albert Trostel & Sons Company (Trostel) was founded in 1858. By 2007 the founder’s relations still owned about 11% of its stock. Everett Smith Group, Ltd. (Smith), which owned the other 89%, decided to acquire the remaining shares via a freezeout merger. Voting was a formality; Smith’s shares assured the merger’s approval. Trostel became Smith’s wholly owned subsidiary. Edward Notz, one of Albert Trostel’s great grandchildren, who owned 5.5% of the stock (some directly, some through a trust), rejected the proffered compensation of $11,900 per share–which came to about $7.7 million for his 5.5% interest. Notz contended that the shares were worth more than twice that much. The rest of the outside investors accepted the offer, however.

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