By Dirk Hackbarth and Bin Zhou (September 10, 2018, 12:15 PM EDT) -- Several recent appraisal decisions in Delaware's Supreme Court and Chancery Court have reignited an important legal and policy debate about the fair value statute. In contrast to court decisions between 2012 and early 2017 that determined fair value primarily by discounted cash flow, or DCF, estimates, the Delaware Supreme Court's decisions in DFC and Dell appeals in the second half of 2017 gave greater deference to deal prices and market evidence. Vice Chancellor J. Travis Laster's February 2018 decision in Verition Partners v. Aruba Networks further ruled that the most reliable estimate of the fair value of Aruba's stock was the company's 30-day average pre-announcement stock price.[1]...