Chancery Backs $13B Columbia-TransCanada Deal Price

Law360 (August 12, 2019, 3:29 PM EDT) -- A Delaware vice chancellor on Monday affirmed that the fair value of Columbia Pipeline Group's stock in its $13 billion deal with TransCanada in 2016 was the $25.50 per-share deal price, rejecting claims from nearly a dozen investors who contended they were shortchanged by the transaction.

In a 111-page post-trial opinion, Vice Chancellor J. Travis Laster ruled the “sale process in this case was sufficiently reliable to make the deal price a persuasive indicator of fair value.”

The shareholders seeking appraisal of their stock had argued the process was too flawed to allow the deal price to be used as a...

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