Investors Tell Del. Justices Tech Co. Low-Balled Appraisal
Law360 (January 13, 2021, 5:22 PM EST) -- An attorney for investors in outsourcing company SourceHOV Holdings urged Delaware's justices on Wednesday to uphold a $47.3 million post-merger share appraisal 2.8 times higher than the company's, saying the business "ran from its own expert" while pressing indefensibly low values.
At issue in the appeal hearing was a decision by Vice Chancellor Joseph R. Slights III in January 2020 that pegged the company's pre-deal share price at $4,591, far above the company's $1,633 claim and 63% higher than a $2,817 per-share value developed by an outside expert for SourceHOV using a different calculation approach.
In his decision, the vice chancellor...
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