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Corporate Finance/M&A

14 March 2018
Paul Scrivano Company's unaffected market price is best evidence of fair value for appraisal valuations

USA - Ropes & Gray LLP

The Delaware Court of Chancery recently held that the best evidence of a company's fair value was its 30-day average unaffected (pre-announcement) market price. The case potentially represents a significant shift in how appraisal cases are decided. It may also be useful in understanding how the Delaware courts will apply two recent Supreme Court judgments which gave significant weight to the deal price as the best measure of fair value where it results from a third-party, arm's-length transaction.

Authors: Paul Scrivano, Jane Goldstein, David Hennes, John Sorkin
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