Appraisal Rights

NOVEMBER 21, 2019

Recently, Vice Chancellor Slights refused to grant Carl Icahn and affiliates’ novel request for a company’s books and records in order to mount a proxy contest against Occidental for agreeing to an allegedly bad deal with Anadarko. The Vice Chancellor ruled that furthering a proxy contest was not a “proper purpose” to support the activist investors’ demand to inspect the corporation’s books and records under section 220 of the DGCL.

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Appraisal Finance 52

Appraisal Rights

NOVEMBER 18, 2019

In this paper, published in 2015 in Investment Management and Financial Innovations , the authors examined multiple valuation methods for a specific data set: in this case, Slovakian mining companies. Comparing multiple valuation methods, including a discounted cash flow, economic value, and iterative approach, the authors note that the DCF yielded the lowest valuation, whereas the other methods yielded higher amounts (though the iterative method did so with much higher volatility, represented b

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Discounted Cash Flow Comparable Company Analysis Dividends Appraisal 52

Appraisal Rights

NOVEMBER 19, 2019

Does the existence of the appraisal remedy, and its use, have an effect on arbitrage spreads? If the appraisal remedy results in lower arbitrage spreads, then one can conclude that shareholders writ large are benefiting from the appraisal remedy – the argument advanced by Professors Brian Broughman, Audra Boone, and Antonio Macias in their piece “Merger Negotiations in the Shadow of Judicial Appraisal,” published in The Journal of Law and Economics 62, no. 2 (May 2019): 281-319 (originally relea

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Appraisal 40