Court of Appeals for the Second Circuit January 19, 1981, Docket No. 80-7294 (Credit & Finance Corp. v. Warner & Swasey Co.)

OWEN, District Judge

(dissenting):

Plaintiffs bought the stock of Raneo in anticipation of — or perhaps more properly phrased as “on the gamble that” — Warner & Swasey would effect a friendly takeover of Raneo or, failing that, would make a hostile tender offer directly to the shareholders.