Analysis

Appraisal Actions May Be The Next Frontier For PE Shops

Law360, New York (April 20, 2017, 4:07 PM EDT) -- Delaware’s Supreme Court will soon decide if lower courts properly determined that both Dell Inc.’s $24.9 billion management-led buyout and DFC Global Corp.’s $1.3 billion buyout were priced too low, potentially leading more companies to try appraisal litigation as an investment strategy.

In the Dell case, the state’s Chancery Court had added roughly $7 billion to founder Michael Dell and private equity firm Silver Lake Partners’ purchase price, while the DFC case saw the court add about $100 million to Lone Star Fund VIII’s purchase price.

Instead of ascribing significant weight to the agreed deal price, which in both cases was...

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