Del. Jarden Ruling Shows Appraisal Precedent Is Not Inflexible

Law360 (July 28, 2020, 3:50 PM EDT) -- On July 9, the Delaware Supreme Court issued a noteworthy opinion in Fir Tree Value Master Fund LP v. Jarden Corp., clarifying its recent precedent on statutory appraisals under Title 8 of the Delaware Code, Section 262.

In doing so, it affirmed the Court of Chancery's valuation of Jarden's stock at $48.31 per share based on the unaffected market price, notwithstanding a deal price of $59.12 per share achieved by a flawed negotiation process.

The en banc opinion, authored by Chief Justice Collins J. Seitz Jr., approved of the Delaware Chancery Court's reasoning and rejected two arguments on appeal that attempted...

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