Law360, New York (August 16, 2013, 10:01 AM EDT) -- As compared to the hundreds of cash-out mergers that have taken place over time, the number of appraisal cases in which dissenting shareholders have petitioned the Chancery Court to independently determine the fair value of their shares as an alternative to accepting the merger consideration offered has been relatively few. Reasons cited have included the cost, which can run into the millions of dollars, the investment of time, which may be months or years, and the possibility that the court may adjudicate the fair value of the shares to be lower than the transaction price. Despite these risks, recent court decisions, actions by market participants and changes in the structure of the merger and capital markets suggest that the potential benefits of an appraisal action may in an increasing number of cases significantly outweigh the costs....