Appraisal Practice Tips 1 Year After Prepayment Amendment

By Berton Ashman Jr., Christopher Kelly and Mathew Golden (July 31, 2017, 10:44 AM EDT) -- Effective Aug. 1 of last year, Delaware's appraisal statute, Section 262 of the General Corporation Law of the State of Delaware (the DGCL), was amended in response to the recent rise of "appraisal arbitrage" to provide corporations acquired by merger or consolidation the option to prepay a sum of money to stockholders seeking appraisal and thereby limit the accrual of interest on the Court of Chancery's fair-value award. One year later, we review the impact of this amendment on appraisal litigation, offer practice considerations with respect to making prepayment, and question whether prepayment is counterproductive to the legislative purpose of the...

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