Stillwater Investors Say Deal, Share Price Don't Show Value

Law360, Wilmington (May 1, 2019, 8:36 PM EDT) -- Investors of Stillwater Mining Co. seeking appraisal of their shares told a Delaware Chancery Court judge Wednesday that neither the deal price in a $2.2 billion sale to a South African metal mining firm nor Stillwater's stock price ahead of the deal indicate the true fair value of their shares.

During post-trial arguments in the appraisal case, petitioning shareholder attorney Jonathan M. Kass of Lowenstein Sandler LLP said the $18-per-share deal price could not be given any deference by the court because the process leading up to the sale was deeply flawed.

Kass said Stillwater CEO Mick McMullen led the negotiations...

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