Appraisal Rights — The Next Frontier In Deal Litigation?

Law360, New York (May 3, 2013, 6:31 PM EDT) -- Appraisal, or dissenters’, rights, long an M&A afterthought, have recently attracted more attention from dealmakers as a result of a number of largely unrelated factors.

By way of brief review, appraisal rights are a statutory remedy available to objecting stockholders in certain extraordinary transactions. While the details vary by state (often meaningfully), in Delaware the most common application is in a cash-out merger (including a back-end merger following a tender offer), where dissenting stockholders can petition the Chancery Court for an independent determination of the “fair...
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