Chancery Nixes Investor Bid For $5B Jarden Appraisal Bump
By Rose Krebs (July 19, 2019, 9:07 PM EDT) -- A Delaware vice chancellor on Friday rejected a post-deal appraisal challenge by hedge fund investors that claimed the $13.2 billion sale of Jarden Corp. to Newell Rubbermaid Corp. in 2016 was undervalued by roughly $5 billion, citing recent Delaware Supreme Court decisions as a road map in setting the merger's fair share value.
In his memorandum opinion, Vice Chancellor Joseph R. Slights III rejected affiliates of Fir Tree Capital and Verition Partners' contention that the $59.21 cash and stock package that Jarden accepted should have been valued at $71.35 per share, an implication "that the market mispriced Jarden by over $5...
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