'Fair Value' Takeaways From Merion V. Lender Processing
Robert C. Schwenkel
Scott B. Luftglass In a noteworthy appraisal decision, Merion Capital v. Lender Processing Services Inc. (Dec. 16, 2016), the Delaware Court of Chancery relied entirely on the merger price to determine “fair value” and issued an appraisal award equal to the merger price.
The key points:
The decision confirms that an appraisal award likely will not exceed the merger price in a nonaffiliated transaction where there was a pre-signing market check with “meaningful competition” — particularly if, as in Lender Processing,...
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