Are Delaware Courts Last To Believe In Efficient Markets?
By Alec Litowitz and David Wilansky (March 22, 2019, 2:50 PM EDT) -- The Delaware Supreme Court will soon decide whether to adopt the efficient market hypothesis, or EMH, in the valuation of Delaware incorporated companies. The case, Verition Partners Master Fund LTD. v. Aruba Network Inc., is nominally an "appraisal" proceeding to determine the fair value shareholders dissenting from the Hewlett Packard Enterprise 2015 buyout of Aruba should be paid for their shares. The principle at play, however, has far-reaching implications. A Delaware Supreme Court affirmance of this application of the EMH will ultimately thwart the ability for corporate boards to defend themselves when under attack by activists or hostile acquirers.
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