The Delaware Chancery Court recently rejected the long-standing doctrine that the merger price in an arm’s-length transaction always represents fair value. The court carved out exceptions to the doctrine in two cases specifically: Appraisal of Dell, Inc (May 31, 2016) and Appraisal of DFC Global Corp. (July 8, 2016). In both cases, the Chancery Court found that there were specific, enumerated factors that made the merger price inadequate as a measure of fair value, despite the fact that the seller in both cases ran an aggressive and thorough sales process.
Read the full article on our M&A Today blog.
Good Company: A Morse Blog 