News & Analysis as of

Publicly-Traded Companies Appraisal

Hogan Lovells

In re Appraisal of Regal: deal-price-less-synergies valuation method is “first among equals”

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The court’s decision in In re Appraisal of Regal Entertainment Group (C.A. No. 2018-0266-JTL (Del. Ch. May 13, 2021)) is the most recent in a line of cases confirming that the deal-price-less-synergies valuation method is the...more

Goodwin

Delaware Supreme Court Holds Appraisal Action Is Not “Securities Claim” Covered By D+O Insurance Policy

Goodwin on

Delaware Supreme Court Holds Appraisal Action is Not “Securities Claim” Covered by D&O Insurance Policy; Delaware Supreme Court Affirms Dismissal of Derivative Claims Against Life Sciences Company For Failure to Plead Demand...more

Akin Gump Strauss Hauer & Feld LLP

Capitalizing on Merger Arbitrage Investment Opportunities in Asia Pacific Markets

Returns from Asia-Pacific merger arbitrage positions have proved consistently attractive over time, offering the additional benefit of portfolio diversification when compared to other equity strategies where returns are more...more

Wiley Rein LLP

Delaware Supreme Court Holds that Appraisal Proceeding is not a “Securities Claim”

Wiley Rein LLP on

Reversing the trial court, the Delaware Supreme Court has held that an appraisal proceeding does not constitute a “Securities Claim” under a D&O policy.  In re Solera Insurance Coverage Appeals, Nos. 413,2019 and 418,2019...more

Sheppard Mullin Richter & Hampton LLP

Delaware Supreme Court Affirms Appraisal Award Using Corporation’s Unaffected Market Price As Fair Value

In Fir Tree Value Master Fund, LP v. Jarden Corp., No. 454-2019, 2020 WL 3885166 (Del. July 9, 2020), the Delaware Supreme Court affirmed a Delaware Court of Chancery (Slights, V.C.) appraisal decision that adopted the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Court of Chancery Continues To Rely on Market-Based Metrics in Appraisal Decisions

In recent decisions, the Delaware Court of Chancery continued to follow the Delaware Supreme Court’s mandate from Aruba, Dell and DFC to rely on market-based metrics, when available, to determine fair value in appraisal...more

Lowenstein Sandler LLP

Reviewing ISS’ Catholic-Faith Based Proxy Guidelines: Vote FOR Appraisal

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Proxy firm Institutional Shareholder Services (ISS) offers a number of proxy guidelines for specific funds, kinds of funds and separate interest groups....more

Robins Kaplan LLP

Financial Daily Dose 2.20.2020 | Top Story: Fed Minutes Show Central Bank Happy With Economy, Worried About Coronavirus

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Newly released minutes from the Fed’s January meeting show central bankers preoccupied with global risks, including the still-growing economic impact of the coronavirus, while still taking a wait-and-see approach to any...more

A&O Shearman

Delaware Court Of Chancery Finds Fair Value Equal To Deal Price Of Publicly Traded Company In Appraisal Action

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On August 12, 2019, Vice Chancellor J. Travis Laster of the Delaware Court of Chancery ruled in a post-trial opinion that the fair value of Columbia Pipeline Group, Inc. (“Columbia”) was equal to the deal price in an...more

White & Case LLP

Defying gravity: US M&A H1 2019: Three key M&A decisions from Delaware courts

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The first half of 2019 saw several decisions from the Delaware courts that will affect M&A dealmaking - Aruba: Supreme Court awards "deal price less synergies" in closely watched appraisal case - Rejecting the Chancery...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Reinforces Deal Price Minus Synergies as ‘Strong Indicator’ of Fair Value

The Delaware Supreme Court recently issued its highly anticipated decision in the Verition Partners Master Fund Ltd. v. Aruba Networks, Inc. appraisal action. In a per curiam opinion, the Supreme Court reversed the Delaware...more

Dechert LLP

Delaware Appraisal Litigation: Supreme Court Clarifies “Fair Value” Standard

Dechert LLP on

Key Takeaways - Aruba Networks continues the trend toward market-based measures of fair value in statutory appraisal actions and should further limit appraisal arbitrage opportunities. - In a statutory appraisal action,...more

White and Williams LLP

Delaware Supreme Court Rejects the Trial Court’s Statutory Appraisal Analysis in Aruba Networks

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In an April 16, 2019 rejection of the trial court’s analysis in Aruba Networks, the Delaware Supreme Court further clarified its recent pronouncements regarding the use of deal pricing as a measure of fair value in statutory...more

Wilson Sonsini Goodrich & Rosati

Delaware Supreme Court Rejects Use of the Unaffected Market Price as Sole Indicator of Fair Value for Purposes of Appraisal

On April 16, 2019, the Delaware Supreme Court issued an en banc opinion in Verition Partners Master Fund Ltd. v. Aruba Networks, Inc., reversing the Delaware Court of Chancery’s decision regarding the fair value of Aruba...more

Cadwalader, Wickersham & Taft LLP

M&A Update: The Delaware Supreme Court’s Decision in Verition Partners Master Fund Ltd. v. Aruba Networks, Inc.- Calculating Fair...

In a decision as notable for its criticisms of the trial court judge as its contributions to Delaware appraisal jurisprudence, the Delaware Supreme Court in Verition Partners Master Fund Ltd. v. Aruba Networks, Inc. reversed...more

Cadwalader, Wickersham & Taft LLP

M&A Update: A Trio of Recent Delaware Decisions Discount Deal Price In Appraisal Litigation

In a trio of recent appraisal decisions, Delaware courts declined to use the deal price as the best evidence of fair value, instead using discounted cash flow analyses (“DCF”) and the unaffected market price to determine fair...more

White and Williams LLP

Delaware Chancery Court Finds Unaffected Market Price to Be Fair Value in a Post-Dell Appraisal Decision

On February 15, 2018, in the statutory appraisal proceeding of Verition Partners Master Fund Ltd. v. Aruba Networks, Inc., the Delaware Court of Chancery decided that the “most persuasive evidence” of Aruba Networks’ fair...more

Cooley LLP

M&A Team News - April 2015

Cooley LLP on

What Revlon Doesn't Require - Two decisions by the Delaware courts (In re Family Dollar Stores, Inc. and C&J Energy Services Inc. v. City of Miami General Employees' and Sanitation Employees' Retirement Trust have more...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Proposed DGCL Amendments to Address Fee Shifting, Forum Selection and Appraisal Proceedings"

On March 6, 2015, the Corporation Law Council of the Delaware State Bar Association announced proposed amendments to the Delaware General Corporation Law (DGCL) intended to address fee shifting, forum selection and appraisal...more

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