Stock Valuation In Irex Cash-Out Backed By Pa. Appeals Court

Law360, New York (December 6, 2013, 6:55 PM EST) -- A Pennsylvania appeals court upheld on Thursday a nonjury trial decision that a special committee for Irex Corp. properly valued the company’s stock at $66 per share for purposes of a cash-out merger.

Writing for a panel of the Superior Court of Pennsylvania, President Judge John T. Bender adopted the decision of the Lancaster County trial court judge. Judge Howard F. Knisely had ruled that the special committee made a proper valuation of the company, while the dissenters’ valuations used improper methodologies and optimistic performance projections....
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