June 07, 2016

Delaware Chancery Court Grants Appraisal Petition After Finding Dell MBO Transaction Provided Stockholders Less Than Fair Value

配信申込

ジャンプリンクテキスト

 
Vice Chancellor Laster of the Delaware Chancery Court recently issued an important opinion in In Re: Appraisal of Dell Inc.C.A. No. 9322-VCL (May 31, 2016), holding that merger consideration offered to Dell, Inc’s common stockholders did not reflect the “fair value” of Dell’s shares.  The decision will require the company to pay dissenting stockholders a 28% premium as compared to the consideration that was received by stockholders who did not exercise their appraisal rights.  The opinion is notable for several reasons, including because the Court declined to accept that the negotiated market price for the deal was the best available indication of the fair value of the company.  Instead, the Court challenged the accuracy of prevailing stock market valuations of Dell, and after criticizing several aspects of the sale process, ultimately concluded that neither the stock price nor the price negotiated during the sale process fairly reflected the fair value of the company.

View full memo, Delaware Chancery Court Grants Appraisal Petition After Finding Dell MBO Transaction Provided Stockholders Less Than Fair Value

著者等

Paula Howell Anderson

パートナー

紛争解決

+1 212 848 7727

+1 212 848 7727

ニューヨーク

Stuart J. Baskin

オブ・カウンセル

紛争解決

+1 212 848 4974

+1 212 848 4974

ニューヨーク

George Casey

パートナー

M&A

+1 212 848 8787

+1 212 848 8787

ニューヨーク

Creighton Condon

パートナー

M&A

+1 212 848 7628

+1 212 848 7628

ニューヨーク

Agnès Dunogué

パートナー

紛争解決

+1 212 848 5257

+1 212 848 5257

ニューヨーク

Alan S. Goudiss

パートナー

紛争解決

+1 212 848 4906

+1 212 848 4906

ニューヨーク

Adam Hakki

パートナー

紛争解決

+1 212 848 4924

+1 212 848 4924

ニューヨーク

Scott Petepiece

パートナー

M&A

+1 212 848 8576

+1 212 848 8576

ニューヨーク