Law360 (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., in which the Supreme Court reversed the decision of the Delaware Chancery Court. 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.
The Supreme Court held that the Chancery Court...
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