In Transaction Involving “Massive” Synergies, Chancery Court Finds Fair Value at Over 50% below Merger Price
Appraisal Rights
JULY 21, 2017
Today the Delaware Chancery Court issued its ruling in the Clearwire case , which included claims for breach of fiduciary duty as well as appraisal arising from its acquisition by Sprint. We’ll provide a more comprehensive breakdown of the decision in a later post. In the meantime, as reported today by Reuters, Hedge fund stung by unusual ruling over Sprint-Clearwire deal , the ruling “stands out for a court that rarely finds fair value below deal price, let alone more than 50 percent below.”.
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