When To Seek Appraisal: A New Checklist

By Michael Maimone and Joseph Schoell (May 2, 2019, 2:47 PM EDT) -- On April 16, 2019, the Delaware Supreme Court issued an opinion in Verition Partners Master Fund Ltd. v. Aruba Networks Inc.,[1] in which the Supreme Court reversed the decision of the Delaware Chancery Court.[2] In this statutory appraisal proceeding, rather than the deal price of $24.67 per share, the Chancery Court held that the fair value of the shares of Aruba Networks was $17.13 per share, which was the 30-day average unaffected market price of Aruba's shares — the average trading price before the media reported the merger that was the basis for the appraisal proceeding....

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