Guidance On Discounted Cash Flow Analysis

Law360, New York (June 29, 2010, 5:05 PM EDT) -- Two recent opinions from the Delaware Court of Chancery, both authored by Vice Chancellor Leo E. Strine Jr., provide important guidance for the preparation and use of a discounted cash flow (DCF) analysis in appraisal and other merger-related proceedings.[1]

In Global GT LP v. Golden Telecom Inc., case number 3698-VCS (Del. Ch. April 23, 2010), shareholders successfully challenged the premerger value of a Russian telecommunications company, Golden Telecom Inc., in an appraisal proceeding.

The valuation experts for both the shareholders and the company primarily relied on...
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