31Jul
Delaware Supreme Court Upholds Unaffected Market Price in Statutory Appraisal Action
The Situation: Stockholders sought appraisal—judicial determination of the "fair value" of their stock—in connection with a merger. The Delaware Court of Chancery found that the fair value was equal to the company's unaffected market price, which was less than the deal price. The Delaware Supreme Court affirmed. Fir Tree Value Master Fund, LP v. Jarden Corp., 2020 WL 3885166 (Del. July 8, 2020). The Result: The unaffected market price may be the most reliable indicator of fair value where a...
By:
Jones Day
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