Revisiting Deference to So-Called “Market Price” In Appraisal Litigation
Appraisal Rights
MAY 17, 2021
This recent piece from Forbes provides an interesting look into how Michael Dell scored a huge windfall by opportunistically taking Dell private while the stock was undervalued. Although the Delaware trial court had acknowledged a valuation much higher than the take-private price, the Supreme Court reversed mainly on policy grounds, on the rationale that public M&A transactions deserved heavy deference to deal price.
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