Unlocking Intrinsic Value Through Appraisal Rights

Law360, New York (September 10, 2013, 3:48 PM EDT) -- A review of all Delaware appraisal cases in the last 20 years shows that the court has consistently established a “fair value” greater than the amount a buyer offered to pay for a stand-alone business. The only cases in which appraised value was less than the merger price — fewer than 20 percent of the decisions — were those in which the buyer was paying for something more than the value of the stand-alone business, such as synergies of a combination with the buyer’s existing operations...
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