Del. Justices Upend Chancery's HP-Aruba Deal Appraisal

Law360 (April 16, 2019, 4:14 PM EDT) -- The Delaware Supreme Court rejected a lower court’s reliance on stock trading price in determining the fair value of Aruba Networks Inc. Tuesday, increasing the Chancery Court’s valuation but stopping short of awarding the full deal price in a $2.8 billion acquisition by Hewlett-Packard Co.

In a unanimous decision, the state’s high court arrived at a fair value of $19.10 per share, saying Vice Chancellor J. Travis Laster made serious errors when he relied exclusively on Aruba’s average share price during the 30 days of trading before the HP deal became public in making his appraisal decision that slashed the share...

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