Delaware North? The Rise Of Appraisal Litigation In Canada

Law360, New York (October 14, 2015, 6:16 PM EDT) -- Under Delaware law and most Canadian corporate statutes, a shareholder who votes against a fundamental transaction — such as a going-private transaction or a sale of all or substantially all of the corporation's assets — is entitled to object to the consideration offered and in turn require that they be paid the "fair value" of their shares, as appraised by a court. Where an investor concludes that there is a significant gap between the price of an M&A transaction and the fair value of their shares, the threat of the exercise of such appraisal rights can be used as leverage for...

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