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The Shift in Delaware Appraisal Litigation  


Author:  Michele D. Johnson.; Blair Connelly.; Janet J. Hsu.


Source: Volume 51, Number 16, September 15 2018 , pp.197-202(6)




Review of Securities & Commodities Regulation

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Abstract: 

In 2017, the Delaware Supreme Court stressed deal price as a key measure of the fair value of dissenters’ shares in M&A transactions with a “robust market check.” In other recent decisions, appraisals have led to below-deal-price evaluations. The authors discuss certain Delaware legislation and the cases, which they find reflect a trend unfavorable to dissenters.

Keywords: Section 262(h); Deal Price and Fair Value; In re Appraisal of Dell Inc.; In re Appraisal of DFC Glob. Corp.

Affiliations:  1: Latham & Watkins LLP; 2: Latham; 3: Latham.

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