The Misconception About SWS Appraisal Decision

Law360, New York (June 23, 2017, 12:09 PM EDT) -- In In re Appraisal of SWS Group Inc. (May 30, 2017), the Delaware Court of Chancery, relying on a discounted cash flow analysis, determined that the appraised “fair value” of SWS Group Inc. was below the merger price paid by acquirer Hilltop Holdings Inc. The court’s determination of fair value was 7.8 percent below the value of the merger consideration at closing (about 19 percent below the value of the merger consideration at the time the merger agreement was announced and the hedge fund petitioners decided to acquire their SWS shares).

In our study of all appraisal decisions since 2010, we...

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